Go to Schedule and choose "Add Schedule Slot". Give it an optional session name, a date, a start and end time and a capacity, and use the Repeat option (daily, weekdays, weekly or monthly) to create recurring slots.
Every slot has a maximum capacity; once it's full, new bookings are blocked and members can join a waitlist. When someone cancels, the first person on the waitlist is booked automatically and notified — and you can also promote someone manually.
You set a cancellation window (2 hours by default) in your working-time settings. If a member cancels before the window, their session is returned to their package; if they cancel later or don't show up, the session is used. There is no cancellation fee.