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Currently a Job Archive Record cannot be delted via Retention Policy

This should be possible simliar to Sales Header Archive where you can specifiy which how many versions to keep.

STATUS DETAILS
Completed
Ideas Administrator

Thank you for your feedback. We released this feature as part of the functionality in Project Archive/ Retention Policy.

Please navigate to retention policy and try to create new one. In the list of available tables you will see Project Archive.
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Sincerely,
Andrei Panko
PM, Microsoft