I converted the spreadsheet to Excel 2003 and tried the following script:
SELECT *
INTO #t
FROM
OPENROWSET('Microsoft.Jet.OLEDB.4.0'
,'Excel 8.0;Database=D:\CO_07_New_Chart_of_Accounts.xls'
,'SELECT * FROM [Posting$]'
)
This worked fine. I then did some further searching and found the following...