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I have several files (report drafts) located in a document library. Various teams collaborate on these documents continuously, meaning we blow through versions very quickly. Due to server space limitations, I would like to only keep 100-150 versions of these documents. Because we blow through versions quickly, it is common for teams to only have access to 2-3 days worth of versions.

Is it possible to change the frequency of version creation (e.g. 2-3 times per day) so that I can maintain a longer version history timeline with my existing server space?

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You can do it via Library Settings -> Versioning settings option.

There is a Keep the following number of major versions option which limits the number of major versions.

Alternatively, you can do major + minor versions and limit the minor versions, and users will need to publish the minor version when they are ready to upgrade to a major version

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