Pretty good answer (and explanation) here:
http://www.vbaexpress.com/forum/showthread.php?t=9772
"dim" <(E-Mail Removed)> wrote in message
news:C8F576EF-EDF9-4050-B970-(E-Mail Removed)...
> 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.