• Starting with version 24.2, you can retain payroll records across multiple years while continuing to process current-year payroll
• Closing the payroll year is quicker than archiving and lets you generate reports across multiple years
• Closing the payroll year from menu 5-3-8 doesn't create a separate archive database for the payroll records
• The closed payroll records remain in the current company

Suggested articles to review:

• About the Close Payroll Year process,
• Timeline for Year-End tasks — US edition
• CANADIAN: When and what to do for year-end tasks