TimeFactors and ModFactors are now shipping with the latest software. If you've bought a new unit recently you probably don't have to install an update at this point. To check which version you have, hold down both the Right Footswitch and the Encoder button for a few seconds. Then press the Middle Footswitch once (To get to the root menu.)
Now turn the Encoder Knob to the right until you see UTILITY and press the Encoder Button.
Scroll all the way to the right and you will see SW VER. Press the Encoder Button.