Creating a new version of an estimate signifies that you have finalized the modifications in the current version, and are ready to close it and transition to a new version (such as when progressing from CD to DD and beyond).
The Create version option in Estimator does just that - closes the current estimate (eliminating the need for a separate closing step) and creates a new version with a unique version name as specified by the user.
Estimates are versioned from the Estimates or Recent tabs in the Start View:
Click on the ellipsis on the estimate card you would like to version, and select Create Version.
In the Create New Version window, fill in the details as you like - the only required field is the New Version Name. Click OK to confirm.
From this point, versions of an estimate can be accessed via the Version dropdown in the estimate card.
NOTE: The initial version - or "parent" estimate - cannot be deleted unless all the estimates versioned from it, referred to as "child" estimates, are deleted first.