QB Issue Resolution:

The final pay run this financial year, will be the final payment received by your employee before June 30 and should be marked as “Final.” Any payments received by the employee in the first week of July will be reportable in the new financial year (even if it is payment for days worked in the previous year).

Resolution for Issue 'If final payroll of the year overlaps into new year, do we have to make two seperate pay periods?' available: Yes (Solved).
Source: Intuit Community forum.

If final payroll of the year overlaps into new year, do we have to make two seperate pay periods?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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