The Licensed Version is a bit of a misnomer.
When the PaperCut license is generated, the licensed version is coded into the license.
This will then show as the "licensed version" in the About section within the PaperCut admin interface.
This is not necessarily the latest or only version that the customer is entitled to use.
Any customer with up-to-date Maintenance and Support is entitled to upgrade to the latest available version of PaperCut.
You can find this by clicking Check for Updates under Actions in the About section.