You can Archive a project from the Project Edit view.
Go to the Projects section, select the project you want to archive by clicking the checkbox.
Click the Archive button on the top.
Archiving does not delete the project, which means that project’s data will be always available.
You cannot track time to an archived project.
You can run reports for archived projects.
Archived projects can be restored anytime.
Go to Projects. You’ll find a quick link to your active projects in Show>All archived projects
Click on it to open the Archived Project list;
Select the project and Un-archive.