There will be other solutions, but it might be easier to change from using a
label to a textbox.  If you want to change the caption of a label you have
to write code in each of these forms.  However, with a texbox, you have a
datasource property so the version number can be looked up.  Don't worry
about the look of a textbox - we can change that to make it look like a
label.

Create a new code module and in it palce the following function:

Public Function GetVersionNumber() As String
   GetVersionNumber = "1.01"
End Function

Compile and save the module.  Next place a new textbox on a form and delete
its associated label.
Name=txtVersionNumber
Special Effect=Flat
Back Style=Transparent
Enabled=No
Locked=Yes
Datasource is "=GetVersionNumber()"  without the quotes

Now you have the textbox on one form, just copy and paste it on to each of
the subsequent forms you wish to update.  Obviously the old labels should
just be deleted.

This approach stores the version number in code - it should be faster and it
keeps it away from the tables where non-coders might touch it.  If you felt
you had to store it in a table, then you could set the textbox's datasource
to a dlookup function to extract it - but I would stick with my suggestion.

Yes, you can do as you state. Place the release number in the table along
with the date that it goes into effect. You can even place them in the table
ahead of time. In the Load event of the form you can assign the Caption
property of the label or you could create a textbox that looks like a label
and make it a calculated control. If you go the textbox route, you may want
to set the Locked and Enabled properties of the textbox to Yes.

The formula for the lookup would then be:
DLookup("[ReleaseNumberField]", "[TableName]", "[DateField] =
DMax(""[DateField]"", ""[TableName]"", ""[DateField]<=Date()"")")

Note the double quotes, they are because you need to pass quotes to the
embedded function without making the outer function think that it has
reached the end of its string.

Another option would be to use a query instead of the table. If you sort the
query descending on the date field, DLookup will stop at the first record it
finds that meets the criteria. You could then use the following statement:

DLookup("[ReleaseNumberField]", "[QueryName]", "[DateField]<=Date()")

I store it in a custom property of the MDB (which I update manually
from FILE | DATABASE PROPERTIES | CUSTOM).

Then I lookup up the custom property in the OnOpen of my splash form
and display the version number there. If you want to display it on
all forms, I'd suggest some global method of caching the value so it
doesn't have to be looked up every time.

I'd probably use a Static variable in a public function and have it
lookup the value if the Static variable is uninitialized.

But, generally, I put the version number only on the Splash screen
or the main menu.