You don't have provided enough information although i am giving you some good techniques to resolve this
Your code should be work i don't know why its not working
You can have a jquery method
when your button clicked
$('#idofmonthlyeployeed').click(function()
{
$('#commentboxid').val('');
return false;
});
You can see working example here Fiddle
Or you can have a update panel issue if you don't have triggered button of your idofmonthlyeployeed
So please add trigger of idofmonthlyeployeed
I hope this will help you regards.....:)