Click Settings, select the arrow under Backup location, and choose your backup location. The Backup Manager automatically detects any OneDrive, Google Drive or Dropbox folders on your data server.
Alternatively, click Edit folder, enter the path to back up to the location, then click Save.
Click Save, then close the Backup Manager.
Watch the video
This video covers how to set up your backup location. There's also a video available to help you restore a backup from OneDrive.