When you create a business in Manager, it is multi-year, that means you should keep using that business for the lifetime of the business. You don’t and create new business file when new financial year starts.
By keeping all years in single business entity, you will get complete history of your business, customers, suppliers, transactions and will be able to generate interesting comparative reports and more.
So keep using the same business file in new financial year. Manager is designed to handle multi-year.