This option provides an additional way to create a new version of a document. Users can create a new version as they Check Out a document. This option is available with both the ActiveX in Internet Explorer OR ndOneClick when installed for Chrome, Firefox, or Safari.
From the More Options menu on the document details panel or the right-click menu, select Check out as new version:
First, a new version will be created from the official version, then that new version will be checked out for editing. After edits are made, it can then be checked in as normal.