Version Control Preferences dialog

Manual or Prompt user for Checkout: Requires users to check out items before opening them.
Auto Check Out: Automatically checks out any item that a user edits or opens. After saving an item, users must manually check in the item for the change to be added to the version control database.
Auto Check Out and In: Automatically checks out any item that users edit or open.; Automatically checks in automatically checked out items when users close them.