It would be nice for office programs to have an alternate setting for what
folder a user is directed to when trying to open a new document. Currently
one is directed to the last folder opened, but it would be nice to be
directed to the folder of the file currently in use. For an office user
constantly moving to different folders, it is frustrating to be working on
one account and have to be directed to the last account you were working on
when you try to open other documents.

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http://www.microsoft.com/office/comm...ic.excel.setup