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This is Jonis from Microsoft SharePoint Online Support.
It sounds like the SharePoint Online Library, where your Excel 2010 spreadsheet database file is stored, has versioning enabled. With versioning enabled in a library, it is possible to open a spreadsheet and save it back as a new major of minor version. This allows tracking and management of information as it evolves. You can look at earlier versions, recover them if a file becomes corrupt, or revert back to an earlier version of the file. Versioning is useful for legal or auditing purposes, but is not very useful for databases that are based on a master Excel spreadsheet. The following link details how-to Disable, Enable and configure versioning for a SharePoint library.
If that does not answer your question please let me know as I will continue to monitor this thread for a few days and will reply to any additional posts or questions.
Microsoft Office 365 SharePoint Support
how can you pull up previous saved versions of an excel doc. Thank you for the help