Enable and configure versioning for a list or library

1.Open the list or library that you want to enable versioning.

2.Select Settings, and then select List Settings or Library Settings.

3.On the Settings page, select Versioning settings.

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4.From the Version settings page, you have the following settings available:

For a Document library:

• Require content approval for submitted items.Create a version each time you edit a file in this document library using either major versions only, or major and minor versions.Limit the number of versions and drafts to retain.

• Set time limits to delete versions based on age. Note: When version time limits are set, versions are deleted after exceeding either the set number of major versions or after the set period of time. Take an example of a library configured to store 500 major versions with a 365-day expiration. No more than 500 versions will be stored and any version older than 365 days will also be deleted.

For a List:

• Require content approval for submitted items.
  • Create a version each time you edit an item in the list.
  • Limit the number of versions and drafts to retain.
  • Set who can see draft items in the list.

5.Select OK.

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To view, restore, or delete an earlier version in a list or library

1. Open the list or library with the item or document that you want to view history.
2. Next to the item for which you want to view history, select the … (ellipses).
3. Select Version history.

If you don’t see Version history, select More, and then select Version history.

4.In the Version history dialog, view the date a version will expire.

Note:

• The expiration date on versions is determined by the version time limit applied on a library and the version creation date. The Modified date is when the contents of the file were changed which can be different from the version creation date.
• Versions set to ‘Never Expire’ can be manually deleted or automatically deleted if version limits set for the file are exceeded.

5.In the menu, you can do the following.

• View the current document. A dialog box appears where you can restore or delete a previous version, as well as see the current approval status. You can also edit the current version from this dialog box.
  • Restore the document. A dialog box appears prompting if you want to make it the currently approved document. It will add it as a new version.
  • Delete the document. A dialog box appears prompting if you’re sure you want to send the item to the Recycle Bin.
  • Never Expire: Overwrite expiration on expiring versions to Never Expire.
  • Reject this version. Only appears on approved documents, rather than Delete.

6.When you’re done, in the upper right corner, select X.

Credit : https://www.microsoft.com/