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A project has several version. Versions are specifc to a project. You need to create a version for each release of your software. Management of versions is done in the administration, in the version section.
To add a version, clink on Add a version in the version list. This will display a form asking you for the following fields :
From the version grid you can :
Unreleased versions can be explored from the RoadMap module whereas released versions are available throught the ChangeLog module.