Copying a company is a recommended process to us for creating a temporary backup or a test company.  When starting your Dynamics 365 implementation we recommend you create a copy before posting your opening balances and use the copy for end to end unit testing before going live for example.


Please find the related guide attached.


Additional links for reference are:

https://docs.microsoft.com/en-US/dynamics365/financials/ui-change-basic-settings