Why is the "create ipart" option greyed out?

I don’t know what I’ve done wrong, but the option is greyed out no matter what I do. The only thing I can think of is that I don’t have excel installed, but I thought that was limited only to iassemblies… I’m sorry if I’m being a bit of a newb, but any help would be appreciated.

Edit: It just struck me… I have to open the actual part’s ipt to make the ipart… Problem solved.

Can you attach the ipt that you are trying to use to create an iPart?