About Editing a Document Live in Team
If your company uses Microsoft Word, Excel, or PowerPoint, you can edit a Team document (.docx, .pptx, or .xlsx) using Microsoft Office for the web.
About Enabling Microsoft Office for the web
When you first open a Microsoft Office document in Team, a user agreement message appears. Review the agreement and accept to proceed. If you decline the agreement, you cannot use the feature. However, if you decide later to use the feature, you can accept the agreement by going to the User Profile page and selecting the Enable Microsoft Office Online Document Editing option. For instructions, see Edit Your User Profile.
About Co-Authoring and Versions
When you edit a document in Microsoft Office for the web, changes are saved automatically, and a new document version is created once you close the editing session. More than one user can access the same document at the same time and make edits. However, note that the document only saves back to Team as an updated version once the last user making modifications has closed the document.
About File Types
If you upload an older file type to Team (for example, .doc, .ppt, .xls), Team converts and saves the file as the newer file type. The original format is saved as a version of the document.
Permissions for Microsoft Office for the web are no different than existing permissions for Documents, as described in Project Roles. For example, collaborators using Microsoft Office for the web are still able to edit documents for those projects to which they're assigned.
About the Session Length Limit
Each editing session has a 60 minute limit. After 50 minutes, Team displays a warning, which indicates that the session is set to expire soon.
*Microsoft, Microsoft Office for the web, Microsoft Word, and Microsoft Excel are trademarks of the Microsoft group of companies.