The file versioning options are found on each resource in Compositing - Resource Browser
When you have your files set up with the correct file suffix. Included is a picture of two pieces of content in file explorer) you can use the drop down menu in the Inspector for each asset to change which version you are using.
As of right now the resource won't update automatically as we've opted for a "choose when the file version updates" so that someone that drops content in isn't auto updating a piece of content that happens to be playing out on the timeline.
You can change what your suffix is either locally for each resource, or in the General Settings