diff --git a/Gemfile b/Gemfile
index 91254a724d..0c9482fbfb 100644
--- a/Gemfile
+++ b/Gemfile
@@ -76,7 +76,7 @@ gem 'geocoder'
 gem 'gmaps4rails'
 gem 'mimemagic', '> 0.3.5'
 gem 'paperclip', '~> 3.4.1'
-gem 'paper_trail', '~> 10.3.1'
+gem 'paper_trail', '~> 12.0.0'
 gem 'rack-rewrite'
 gem 'rack-ssl', require: 'rack/ssl'
 gem 'roadie-rails'
diff --git a/Gemfile.lock b/Gemfile.lock
index a6341849b3..bfaa42c9a8 100644
--- a/Gemfile.lock
+++ b/Gemfile.lock
@@ -403,8 +403,8 @@ GEM
       multi_xml (~> 0.5)
       rack (>= 1.2, < 3)
     orm_adapter (0.5.0)
-    paper_trail (10.3.1)
-      activerecord (>= 4.2)
+    paper_trail (12.0.0)
+      activerecord (>= 5.2)
       request_store (~> 1.1)
     paperclip (3.4.2)
       activemodel (>= 3.0.0)
@@ -758,7 +758,7 @@ DEPENDENCIES
   oauth2 (~> 1.4.7)
   ofn-qz!
   order_management!
-  paper_trail (~> 10.3.1)
+  paper_trail (~> 12.0.0)
   paperclip (~> 3.4.1)
   paranoia (~> 2.4)
   paypal-sdk-merchant (= 1.117.2)
diff --git a/spec/models/order_cycle_spec.rb b/spec/models/order_cycle_spec.rb
index 1031a53c6b..3a9fd7006f 100644
--- a/spec/models/order_cycle_spec.rb
+++ b/spec/models/order_cycle_spec.rb
@@ -497,6 +497,51 @@ describe OrderCycle do
     end
   end
 
+  describe "version tracking", versioning: true do
+    let!(:oc) { create(:order_cycle, name: "Original") }
+
+    it "remembers old versions" do
+      expect {
+        oc.update!(name: "New name")
+      }.to change {
+        oc.versions.count
+      }.by(1)
+
+      expect(oc.versions.last.reify.name).to eq "Original"
+    end
+
+    # Needs additional gem:
+    # https://github.com/westonganger/paper_trail-association_tracking
+    xit "records versions when adding schedules" do
+      pending "seems broken with current version"
+
+      expect {
+        # Creating a schedule associates it automatically:
+        create(:schedule)
+        expect(oc.schedules.count).to eq 1
+      }.to change {
+        oc.versions.count
+      }.by(1)
+    end
+
+    it "records associated schedules" do
+      schedule = create(:schedule)
+      expect(oc.reload.schedules).to eq [schedule]
+      oc.update!(name: "New name")
+
+      expect(oc.versions.last.custom_data).to eq "[#{schedule.id}]"
+    end
+
+    it "remembers schedules of the previous version" do
+      schedule = create(:schedule)
+      expect(oc.reload.schedules).to eq [schedule]
+      oc.update!(name: "New name", schedules: [])
+
+      pending "gathering schedule ids before save"
+      expect(oc.versions.last.custom_data).to eq "[#{schedule.id}]"
+    end
+  end
+
   def core_exchange_attributes(exchange)
     exterior_attribute_keys = %w(id order_cycle_id created_at updated_at)
     exchange.attributes.