You'll have to wait until the payroll has been deposited and the employee received their final paycheck to ensure there are no discrepancies, @saralccw.
Once the employee receives their final payment, you can now update their status:
- Navigate to the Payroll section and click on Employees.
- Choose the specific employee.
- In the Employment details section, click on Edit.
- From the Status dropdown, select Terminated.
- Finally, click Save.

You can check this resource to help you update your employee's information: Edit or change employee info in payroll.
If you want to check your employee's total payroll wages, taxes, deductions, and contributions, refer to this article: Create a Payroll Summary Report.
Furthermore, I suggest exploring QuickBooks Payroll to enhance your payroll processing capabilities.
Return to this thread if you have further concerns about changing the employee status.