To switch the financial year, follow below steps
Path in Paybooks 2.0:
Click on the first dial icon on the top right corner of the screen, there click on Change Financial Year option
Go to Utilities >> under Manage Financial Year >> click on Switch FinYear link
Select the Financial Year from drop down field
And then click on Switch button
Path in Paybooks 1.0:
Click on the drop-down list available on top of the screen.