Excel 2003 / 2007 Compatibility

I am working on a system involving two laptops - one running Vista (a friend's) and the other XP Profession SP2 (mine). On mine I also have a licensed copy of MS Office 2003 running. On the Vista laptop, they have no MS Office yet installed.

Need to be able to share Excel spreadsheet between these two machines which requires friend to purchase the MS product which at this time looks as though it will have to be Office 2007 for her Vista laptop. We plan to both work separately on local spreadsheet copies and then consolidate same periodically to sychronize the data - at least that is the desired Goal...

I THINK that Excel 2007 SHOULD be backwards compatible with Excel 2003 in the above scenario but would appreciate hearing any experience on same to confirm my thoughts before I have her purchase MS 2007 for her computer.. I do not wish to update my copy of Office yet...

GREAT Chippy! Thanks... the Save As route should work fine!

Steve