When it comes to setting up permissions, the "View" and "Encrypted" permissions have two additional options of access: Formulas on and Formulas off. To change it, right-click on the selected permission level.
These special modes of permissions are applicable to Excel files.
"View" permission
The corresponding setting allows the following in the online viewer:
Formulas on: users can see formulas in Excel documents.
Formulas off: formulas are invisible for users.
"Encrypted" permission
With this permission, Excel documents (XLS | XLSX | XSLX | XLSM) can be downloaded as IRM-encrypted versions. It allows working with the native yet protected files (users will need to authenticate to open the document).
In this case, the corresponding setting allows the following:
Formulas on: users can see formulas in Excel documents, apply their own formulas, use macros, and edit the document.
Formulas off: formulas are invisible for users, along with disabling editing and data analysis capabilities.
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