The version history page

If versioning is enabled in SharePoint for a document library, the versions history page displays the versions of a document on the SharePoint server. After the archiving task has run for the first time, a new link, Show archived versions for this document, is displayed under the SharePoint versions.

To access versions of the document stored in the archive, click Show archived versions for this document. You can View or Restore the document using the drop down menu from the document name:

To display only the versions on SharePoint, click Hide archived versions for this document.