This tutorial demonstrates how to use Google Apps Script to:
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Create copies of the Google Sheet in the desired destination folder automatically at set intervals.
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Append the time stamp with each backup file's name.
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Adjust time trigger for backing up every day/hour/minute.
@Korb: The menu option for Script Editor is changed in the latest version of Google Sheets. Script editor is now called Apps Script and is under "Extensions" --> "Apps Script"