Hi Juha
that is where you configure your settings but it won't happen automatically unless you schedule it through auto archive options
SO right click on deleted items>properties>configure where and how old then run it manually
To run it manually go to File>Auto Archive>select Archive all folders according to their Auto Archive settings"
otherwise leave it and it will archive it according to your autoarchive schedule (if configured) which you can find in Tools>options>Other tab>Auto Archive