To be a little more helpful....
First, I create the folders on the drive where I want the recordings to live.
Then you select the "folders" that you want to work with (like New/Stored/alerts/whatever you want to name them).
Then in clips and archiving, you click on the ... box next to the drive:/path and a box will open with your computer listed and you select the drive and folder you want to use, and the box will fill in the complete path.
Select the options you want, the maximum size for that folder, and if you enable the clip age checkbox, set the number of days, then what you want to do with the files if the size/# of days is reached (delete/move/etc.).
Works very well!