Many Word users are in the habit of using File, Save As to save a new copy of every new draft they create. By doing so, they not only make sure of having a recent backup in the event of disaster, but also create an audit trail that helps identify when a critical change was made in case it is questioned later.
Nothing has changed the need for storing backups, but Word now has a more convenient, reliable way of providing that audit trail. You can now store each new version of your document in the same file so that older versions can't get easily lost, misplaced, or confused with the current version.
Follow these steps to save a new version of an existing file:
Choose File, Versions.
The Versions dialog box ...