Title here
Summary here
Set a new “Balance since” start date for your time balance — the date going forward from which the calculation should run.
Then set the initial balance to whatever should remain after the payout. For example, if 70 of your 100 overtime hours were paid out, set the initial balance to the 30 hours that are left.
(See also: why a time balance can show a negative amount right after changing this setup, which uses the same two fields.)