version history and tracking updates to an excel file

[drjbug54]

We have an Excel file posted to our Sharepoint 3.0 library each month. Each collaborating state representative must access the file and make corrections to their section in the file, save their changes if there are any, and leave a comment indicating whether they approve or have revised the file contents for their section. We want to track who has been in and updated their sections and whether they have approved or revised the contents in their section. What is the best way to do this? We are looking at version history, however, it appears that there will be revised file created by each person that goes in. If so, how do we eliminate this duplication and make sure that we have all changes (from each state that has accessed the file) in only one file with their approvals/revisions? We have been through a lot trying to get this settled. Can someone please help! Thank you, Jbug