I found this solution also referenced here. The solution is to make a change to the registry (taken from the source):
The registry change affects RPC Debugging, and you can read more about it on the Microsoft website: Debugging COM Clients and Servers Using RPC Debugging
1.Close Excel
2.Make a backup of the Registry file, then open the Registry -- there are instructions on the Microsoft website
3.Go to the applicable Registry Key:
- For 32-bit Office on 64-bit Window go to registry key:
HKEY_LOCAL_MACHINE\SOFTWARE\Wow6432Node\Microsoft\VBA
- For 32-bit Office on 32-bit Window go to registry key:
KEY_LOCAL_MACHINE\SOFTWARE\ Microsoft\VBA
- For 64-bit Office on 64-bit Windows go to registry key:
KEY_LOCAL_MACHINE\SOFTWARE\ Microsoft\VBA
4.Right-click in the window at the right, and click New
5.Click DWORD (In the screen shot below, the DWORD is for 32-bit Office running on a 64-bit computer)
6.Name the DWORD as DisableOrpcDebugging7
7.Right-click the DWORD, and click Modify
8.Change Value to 1, and click OK.
9.The completed DWORD will appear in the Registry
10.Close the Registry, and re-open Excel, where the F8 key should now work correctly, stepping through the code.