You must assign the subscription package in the Office 365 plan settings. The Standard package or the Enterprise package, or both Standard and Enterprise packages are available depending on what your company purchased.
Configuring the Subscription for O365 Plans
If your company purchased only the Standard package or only the Enterprise package, when you create an Office 365 plan, you will see options to select both Standard and Enterprise. However, you should select only the package that your company purchased, otherwise the plan won't work.
By default there is one Standard plan and one Enterprise plan, but you can create as many Office 365 plans as you need. For example, if you need different retention settings to protect different sets of data, you can create one Office 365 plan for 3-year retention and another Office 365 plan for 10-year retention.
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From the navigation pane, click Manage > Plans.
The Plans page appears.
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On the Office 365 tab, in the top-right of the page, select Create plan > Office 365.
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In the Plan name box, enter a name for the plan.
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Beside Plan tier, select the appropriate tier:
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Enterprise: If your company purchased the Enterprise-level subscription, select this option.
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Standard: If your company purchased the Standard-level subscription, select this option.
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Under Retention settings, enter the amount of time to retain backed-up data.
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Click Save.
Configuring the Capacity Calculation to Include All Backup Versions
At the Company level, you can configure the Capacity calculation to count all backed-up versions of files for all O365 applications. This option enables backup of all file versions for Exchange, OneDrive, SharePoint and Teams. If you want to enable backup of file versions for SharePoint, you must also complete an additional step to configure that in the Office 365 plan settings.
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From the navigation pane, go to Manage > Company.
The Company page appears.
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In the Office 365 settings section, beside Calculate capacity usage on click the edit button.
The Calculate capacity usage on dialog box appears.
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From the list, select All backed-up versions, and then click Submit.
The Update Office 365 settings dialog box appears.
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In the box, type All backed-up versions, and then click Confirm.
Note
If you enable this option, all versions will be calculated for Capacity.
Configuring Backup of File Versions for SharePoint
You can configure backups for multiple SharePoint file versions in the Office 365 plan. To back up multiple versions of files in SharePoint, you must first enable the Calculate capacity usage for all backed up versions option at the Company level. You can edit versions of SharePoint only for Enterprise subscriptions.
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From the navigation pane, go to Manage > Plans.
The Plans page appears.
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Click the Office 365 Enterprise plan that you want to configure.
The plan details page appears.
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In the SharePoint section, click Edit.
The Edit SharePoint settings dialog box appears.
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Select Backup last N versions, and then enter a version number in the N box.
Note
For tenant admins, the maximum number of versions is 99.
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Click Save.
Configuring the Number of File Versions to Retain
If you want to specify the number of days to retain multiple file versions, you can configure the retention settings in the Office 365 plan.
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From the navigation pane, go to Manage > Plans.
The Plans page appears.
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Click the Office 365 plan that you want to configure.
The plan details page appears.
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In the Retention section, click Edit.
The Edit retention settings dialog box appears.
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Beside Retain backed up version for, enter the number of days, months, or years that you want to retain backed up files for OneDrive, SharePoint, and Teams.
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Click Save.
Enabling the Archive Mailbox Feature
Enabling the archive mailbox feature allows you to archive email messages, calendar items, tasks, contacts, and shared mailboxes to a storage location. You can enable archive mailbox only for Enterprise plans. You cannot enable archive mailbox on Standard plans.
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From the navigation pane, go to Manage > Plans.
The Plans page appears.
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Click the Office 365 plan that you want to configure.
The plan details page appears.
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In the Exchange section, move the Archive mailbox toggle key to the right.