Hi, I will describe the steps just to follow your question:
1) Open the MS Excel file in Trados TagEditor
2) Save a bilingual file (.ttx)
3) Agree with the translators which part should translate each one.
4) Receive each part translated and update the TM
5) Run the TM on the .ttx
6) Save as target and overwrite the source MS Excell with the translation
Let me know if it was of help!
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