Archiving lets you keep your old completed projects in the application. Projects can be restored if you ever need to continue working on a previously archived project.
How to archive a project?
Step 1: Select the 3 vertical dots to the right of the line item and choose Archive.
To access your archived projects, click the Archived from the Status drop down at the top.
To restore/unarchive a project, refer to the article, How to unarchive/restore a project?