You can lock all the cells and the tools|Protection|protect sheet.
Depending on the version of excel, you'll see an option to Edit Objects
(xl2002+). Check that. xl2k and below have a check mark that you can toggle.
This will allow the users to edit all objects including comments--as well as
pictures/shapes/buttons/...
> Dear All,
>
> I would like to protect Excel worksheet for all users. So that all users
> can't change the Excel content, but can insert comments.
>
> How can I do this? Thanks

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Dave Peterson