Using the versioning system within File Vault gives users an easy way to view, update, track and restore the version of a specific file.
Clicking the ellipsis and 'Show Details' on a file will open a panel, within this a Versions tab can be seen, containing:
The File Version Number
The date it was uploaded
If it is the current active file version (This will be used when downloading the document from the list view)
A preview icon (if it is a PDF)
A download icon
A 'restore version' icon to set an alternate file as the active version.
Creating new versions
Clicking the blue button labelled "+ Upload new version" will allow you to select a new file to upload, which will be a version one above the current highest version. New versions will be automatically marked as the active version.
The new file does not need to be of the same type as the original or currently active version, though it should be noted that the name displayed in File Vault will remain the same, including file extension, until the point of download where the appropriate file extension will be appended.