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Just drag the Excel file to the notes area (like whpalmer4 described) and a link is inserted. Then when you want to check the file, click once on the icon to highlight it and then use Quick Look (hit the space bar) to show the content. No need to open Excel.
Updates will show up automatically.

Last edited by Steinthal; 2013-03-18 at 03:28 PM.. Reason: Added sentence on updates