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In this YouTube tutorial, a library administrator explains how to manage document versions in AODocs. The administrator navigates to the Versions tab and identifies the current version of a contract document, version 3. Each document version has its own name or version number. The administrator creates a new version to update the company name on the contract. This action only affects version 4, while previous versions remain unchanged. The administrator proceeds to edit the document properties and update the company value. The attached file is also updated accordingly. The tutorial concludes by mentioning that there is no need to save changes, and if desired, the administrator can undo the modifications to restore the document to its previous state.