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how do you do versioning and review?

You give your files helpful names like:

sales-2005-(copy)-Final-2015-(copy)-real-final-(copy).xlsx

LOL. And diffing?

Why of course you open two windows one on top of another and you Alt-Tab between them rapidly to see the differences.

Not sure if serious or sarcastic because I’m sure people do that.

I do that (not just with Excel) knowing full well how ridiculous it is, but sometimes I just can't be bothered with other tools.

There's always Spreadsheet Compare, which is Microsoft's attempt at a diff utility for Excel. It works fairly well.

We built https://www.xltrail.com to make Excel work with Git.