You can also use CPYTOIMPF. That will even put delimeters and Carriage Returns and Line Feeds into the data. Just be aware that the delimeters are fixed length based on the size of each field.
Do you mean as a data file, or are you simply trying to store it on IFS?
The newest version of excel (2003) can save as a comma separated values file (CSV) properly – finally!
The file created by excel can be read with cpyfrmimpf without any problems.
If you’re simply trying to upload data to the system, use the upload toolbar button. It can create a file on the system that matches the spreadsheet fields and upload into it automatically.