During installation or immediately after clicking "create" to create a new report, you may see a dialog like the following:
It is likely there is something unresolved about the Excel installation for the logged-in Windows user.
Resolution: Cancel installation, then run Excel as the same Windows user who is using GoldMine.
For Excel 2016/365 or higher the Office suite is not registered for the Windows user. For earlier versions of Excel it is likely that the software is not fully installed.
Note that if GoldMine or MasterMine (via GoldMine) was run "as administrator" then Excel may be operating under different elevation.