Maintain budget versions

What would you recommend as best practice to maintain different budget versions:

• through different models
• through a timeline generic item (Budget, Forecast 1 , Forecast 2, Actual)
• through a category (Budget, Forecast 1 , Forecast 2, Actual)

Typically, we have a Budget for the year, which we update with 2 or 3 Forecasts during the year. For instance, Forecast 1 will be done in April once Q1 Actuals are known. We want to keep track of each Budget and each Forecast. Then the budget for the following year should be based on the most recent forecast for the current year.
So what would be the best way of handling this?
Thanks a lot