You save the work in the Venapp editor with the File>Save or File>Save As command (Ctrl+S also works). When you save the file it will be written to disk as a plain text file. You can edit that file in a text editor and reopen it the Venapp editor at a later time.
If you open a Venapp file that contains errors, such as controls that do not exist, the lines that are not recognized will be treated as comments, and will have an exclamation point ! prepended to them. If you want to make use of these they will need to be edited. When you open the Control Definition dialog on a comment the entire comment appears in the text field (no parsing is done).