What Is The Difference Between A Bible Translation, Paralell Or A Version?

There are different ways of communicating an idea when translating it from one language to another. It’s mostly verbiage. But actually, English is one of the most difficult languages in the world. We have many different words to describe the simplest things. We can say “move very fast” or we can simply say “run”. But a car is “running” even while it’s sitting still. It’s an odd language.
A version of the bible merely communicates the same ideas using different words. WIth the exception of the New World Translation (which was intentionally translated to support a particular theology) they all say the same thing.
A parallel is usually something of a condensation of the language and communicates broad meaning rather than specifics.

Translation of language is a difficult thing. It can be approached from a strict word-for-word translation, but because of the differences in grammatical construction, it can come out stilted or even completely incomprehensible. And some words have no one-to-one equivalent in other languages; and sometimes a phrase in the original language can best be translated by a word. So word-for-word is not ideal for understandability.
So translators take different approaches, like translating phrases and ideas rather than mere words. The less like word-for-word it is, and the more it sounds like sentences or paragraphs are a being translated, then it becomes a paraphrase — a “you-get-the-idea” approach.
A “version” – as in King James Version — is not a new translation, but a revision and comparison with existing translations, to try to improve or modernize the language.
A parallel translation is several translations printed side-by-side; the word explains that the particular book places several translations so that they can be compared easily.
Then there is “interlinear” — another description of how a translation is printed relative to the language being translated. The translation is placed word-for-word (or phrase-for-phrase) beneath each line of text being translated.
For an example of how difficult translation is, take “The Lord’s Prayer”.
Original Greek (Roman letters) — Pater imon, ho en tis ouranis…
interlinear word-for-word xlation – Father our, [the one] in the heavens…
English – Our Father, who art in heaven (KJV)
….
Gk. hgiasthito to onoma Sou
xl holy [is] the name [of] You.
E. hallowed be Thy Name.
….
skipping
…
Gk. os en ourano, kai epi tis gis
xl as in heaven, and/but/so/even upon the earth.
E. on earth as it is in heaven.
Many words had to be added or moved or interpreted even in that little bit of work in order for the translation to make grammatical sense.