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In this video tutorial, the presenter explains how to save files in various formats and manage auto-save settings, specifically for Microsoft Excel 365 users who can access version history. When a new workbook is created, it is automatically named book1, book2, etc. The first step is to save the workbook by clicking on the file tab or using the keyboard shortcut Ctrl + S. Upon first save, a dialog box appears for users to select the save location and name the file, without needing to type the ".xlsx" extension, as it is automatically added. Users can choose from several file types, including xlsx, xlsm (for macro-enabled workbooks), binary, and csv formats, among others.