Versioning, in general, is the process of duplicating something to add or remove some of its attributes.
Quotes you create on Cloud support versioning. Versioning helps you create a new version of the quote while retaining the original quote. This is helpful when the customer asks for changes in a quote and you need to keep the old 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 opportunity/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 is ready with the changes, share the new proposal with the customer for Acceptance.