Let's say you end a project or lose a customer but still want to keep their information for later review. You can now archive Accounts and remove them from your active list.
First select the account from your list.
On the account page, click "Edit Account".
On the "Basic" tab, set the "Account Type" to Archived. Click Save.
That removes the Account from your dashboards and workflow - but you can still find it later by running a filter for archived Accounts.