In general, versioning is the process of duplicating something to add or remove attributes.
Quotes you create on Cloud support versioning. Versioning lets you create a new version of the quote while retaining the original. This is helpful when the customer requests changes to a quote, and you need to keep the original quote as a reference.
For example, you created a V1 version of the quote. You shared the proposal with the customer for acceptance, but they requested some changes. In this case, you can open the quote in question, duplicate the original V1 quote, and make the requested updates to the V2 duplicate copy while retaining the V1 quote as a reference of what was originally shared for acceptance.
While versioning quotes helps you track changes before project creation, you can use the Change Order process on Cloud if you want to track changes after project creation.
To create a new version of a quote, do the following:
Navigate to the Opportunity Details view.
Click on the 3-dot menu of the quote.
Click "Duplicate." This will open a modal to name the new quote and specify its version. For the new version, you can specify a decimal, such as 1.1 or 2.0.
Once the new version of the quote with the changes is ready, share it with the customer for acceptance.