Please follow below steps to active new Financial Year.

Ensure March payroll is processed and LOCK PAY PROCESS is done under 

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 New Financial Year 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 Switch