Check in Check out Version

Hi all,
Being very new to this please bare with me.
I have just recently installed fileaway and from the starters it does look very powerful, but I do have a couple questions regarding Check in and checking out ability, also if checking in a document that has changed is there a version number for that same named document also keeping the original and all other versions.
Another question regarding security of documents, In some cases especially with what I am doing, it is important that either and, directories, folders, and files can be permission set according to user. Is this possible?

Thanks for your patience and looking forward to any reply.

Regards

https://wordpress.org/plugins/file-away/