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Master Documents | Versioning
Versioning:
When working with several people on one document, you may have the need to save multiple versions of the same document. This is helpful in situations where you may need to go back and refer to an older revision of a document, or if you need a backup of an old version of a file. Using versioning in Word will help you to accomplish such tasks.
To save the current version of a document, go to the “File” menu and select “Versions.” Click on "Save Now." In the text box "Comments on version," type in some text that will describe the currently save version of the document.

Please note that since you will, in essence, be saving versions of documents to be archived, you cannot go back and modify older versions. If you want to be able to go back and revise the document, then you should save it as its own separate document rather than a version.
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