@Guessed - Thank you!!

This is actually a Product Requirements Document that we put together. Each Component is divided into each Chapter, there are currently 20 components as the system grow we add chapters. We update this document quarterly based on Change Requests for the System. So lets say in Chapter 3 there is a change, we make those changes in Chapter 3 ( and show Track Changes) and then compile it once that change is implemented in production. The compile document serves as what the Product is at this given time.

This may be an older way of doing this? Would like to know how others handle this?