Using Versions in Lion

I am trying to get a handle on the new versions capability for documents. I use NeoOffice which now allows versions. I have my documents on an iMac. I work on a document and can save a version. So far so good. Now at night I also connect to the iMac with my portable. I open the document from the iMac on the portable and make changes. When I save, I get the message that the drive with the document does not support versions. OK, not sure why because it certainly does support versions when I am on the iMac directly. However, my question is, when I save the document does it wipe out all previous versions or would I still be able to access those versions when working directly on the iMac. Hope my question makes sense.