Please follow below steps to active new Financial Year.
Ensure March payroll is processed and LOCK PAY PROCESS is done, from Dashboard >> open drop down in Run Payroll button >> click on Unlock
Once the above is checked, then go to Utilities >> under Manage Financial Year section >> click on Activate Finyear link and Select FY and click on Save
Kindly re-login into the application and Switch Financial Year to see the effect.
New Financial Year Activation