diff --git a/README.md b/README.md
index 16caed7..2cf6301 100755
--- a/README.md
+++ b/README.md
@@ -281,7 +281,7 @@ end
 ## Release
 
 1. Review breaking changes and deprecations in `CHANGELOG.md`
-2. Change the gem version in `acts_as_favoritor.gemspec`
+2. Change the gem version in `lib/acts_as_favoritor/version.rb`
 3. Reset `CHANGELOG.md`
 4. Create a pull request to merge the changes into `master`
 5. After the pull request was merged, create a new release listing the breaking changes and commits on `master` since the last release.
diff --git a/lib/acts_as_favoritor/version.rb b/lib/acts_as_favoritor/version.rb
index 1347827..ce70945 100755
--- a/lib/acts_as_favoritor/version.rb
+++ b/lib/acts_as_favoritor/version.rb
@@ -1,5 +1,5 @@
 # frozen_string_literal: true
 
 module ActsAsFavoritor
-  VERSION = '4.0.2'
+  VERSION = '4.0.3'
 end