The As Stored configuration is created at check in. When more than one CAD document or a CAD document is checked in from the workspace, the As Stored configuration is created. The As Stored configuration is a snapshot of the workspace at the time of check in. You can use the As Stored configuration in the following ways:

By default, Create As Stored is set to Yes. You can find this preference under Operation in the Preference Management utility. Create As Stored specifies to create an As Stored configuration upon checkin.

As Stored is particularly useful when working with drawings and assemblies. It allows the Workgroup Manager user to retrieve an assembly or drawing using the same related components “as it was stored” with at the point of checkin (as opposed to retrieving latest versions of all related parts that might have been modified independently of the parent drawing/assemblies during design developments). This is useful in order to get back to a known configuration of a drawing or assembly. Baselines also achieve the same result of recording specific configuration of versions/iterations. However, a baseline is a more formal method of capturing a configuration, which is a conscious decision to create a separate managed object that captures a particular configuration of components rather than just as they were stored. Often As Stored configuration is used to generate a baseline at a later date, e.g. to create a baseline of a set of drawings/assemblies that need to be reviewed at a design review. You would use the As Stored configuration since Latest might pick up some later versions of the underlying parts that have not been detailed in the drawing yet or some that might cause the assembly to fail upon regeneration.

To understand the process to select an As Stored configuration specification, refer Specifying an As Stored Configuration Specification.