We are using (I believe) the global default of 500 versions for document libraries in SharePoint Online and now we are discovering that the version history is accumulating more than 500 major versions on items in libraries. We have retention policies set for SharePoint sites (do not delete for X years). Is that overriding the version history settings? We have libraries in supporting MSTeams and Communication sites where files are well over the 500 major version limit. 6800+, 7900+
It's kind of insane... I'm not finding the documentation to answer my question very easily. It's also throwing a wrench into backup software that we are trying to run since it doesn't have a setting where it allows us to backup a maximum amount of versions.