Microsoft 365 features that help users manage their subscriptions, account settings, and billing information.
Log into your Microsoft account on this link, do you find your subscription listed there, and if so, is the expiry date listed correctly for your new payment?
https://account.microsoft.com/services/
If so, open Word, at the top right, log out of Office, then restart (not shut down) your PC and log back into Office is your subscription then recognised correctly?
If not, go to the Payments and Billing section on your account online, do you find your payment listed there, and if so, is it indicated as successfully completed.