In single-user-environment custom autonumber function would be OK. But in multi-user-environment, it would fail.
You should implement what
Richard MacCutchan mentioned in the comment to the question. See:
SQL SERVER 2012 – How to generate a varchar Sequence Number – Using Sequence Object | SQL Server Portal[
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In case when database is placed is an Excel or Access file, you're in trouble. There's no such of functionality. You have to write custom function. See
RickZeeland solution for details. Here is how to achieve that:
NextSrNo = MAX(SrNo) +1