Pretty good answer (and explanation) he

http://www.vbaexpress.com/forum/showthread.php?t=9772


"dim" wrote in message
...
Hi folks,

My program consists of 197 .xls files in 5 sub-folders. 134 of these files
contain programming and macros.

The different files interact with each other in various ways, with
different
macros opening and closing other files at different times, and data being
added to, removed from, or used by various files by macros when under the
control of various other files.

Anyway, In the Debug menu of the VBA Editor I see the 'Compile VBA
Project'
command. My understanding of compiling is that it compresses the code
files
to remove various elements used when creating the program, and make the
program ready for release. Is this correct?

Do I need to compile my program before release, and if so, do I need to
compile each .xls file individually?

Thanks.