Solution. Open Microsoft Excel workbook. Click 'Microsoft Office' button and click 'Save As'. Click 'Tools' and click 'General Options'. In 'Password to open' box, enter desired password. Select 'Read-only recommended' check box. Click 'OK'.Enter password again for confirmation.Click 'OK'. Click 'Save'.olution. Open Microsoft Excel workbook. Click 'Microsoft Office' button and click 'Save As'. Click 'Tools' and click 'General Options'. In 'Password to open' box, enter desired password. Select 'Read-only recommended' check box. Click 'OK'.