But the issue here is that it is not replacing any text. This should take you to the Autocorrect features on Excel. Click Ok and return to your document.
We all have some or few words which we often mistakenly type incorrectly.
It works on previous versions of Excel but in Excel 2007 it does not replace the text or does it I know about the bug that it stops working when the characters in a text box exceed 225. From there go to Options and select Proofing from Excel Options. Select the inserted symbol in your workbook and click Copy from the Home tab of the ribbon or press CtrlC. In Excel 2007 click the Office button Options Proofing AutoCorrect.