When you have the file selection box open, select the folder you want in the
shortcuts, click on Tools at the top right, then click 'Add to "My Places".
This will then add the folder to the list on the right. You can then move
this up or down.
The only thing I have is 'Add to Favorites', which I tried and it places the
folder in the Favorites folder. Do I have to change a setting in
Office/Excel?
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