I do not have versions of any documents on my account. I changed a file, saved it, then went to the version history for that document and there is only the current version. It is a document that has many changes over the last few days. I have a Dropbox Plus account so I should have versions dating back 30 days. I have checked other documents and I do not have versions saved on any of them.
Have you checked the file is uploading to Dropbox? Is it running on your machine? And if so what does it say if you mouse over its icon on its status bar? Also, when you save have you been closing the application at all? Often Office documents especially dont sync if the program is open.
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