This policy setting allows you to specify the folder where files will be opened by Excel at startup.If you enable this policy ...

This policy setting allows you to specify the folder where files will be opened by Excel at startup.If you enable this policy setting, you may specify the folder where files will be opened by Excel at startup.  Files will be opened from this folder in addition to the XLSTART folder in the Microsoft Office installation directory (default C:\Program Files\Microsoft Office\Office14\XLSTART).If you disable or do not configure this policy setting, files will only be opened from the XLSTART folder.