To delete an over-initialized pay period, please do as follows:
Go to the Payroll module.
Click Pay Records.
Highlight all the records and click Delete.
Go to Setup, click Pay Group Setup.
Scroll down until you find the incorrect pay period.
Highlight the over-initialized pay period.
Right-click and select Delete Subperiod.
Go to Pay Records, click New to bring over employees to the current month.