You know... I think the problem isnt the indirect its that you are indirectly accessing a closed files... several solutions... but likely quickest way through this is to define the path so that it knows where the reference is... right now its hunting for a workbook that becomes invisible to excel upon close... But if you write in the path you can reference the closed book... I would have to play with it a bit to get it to do math against the closed book.... but if you preset a field within these reports that has the figure you need to call on.... K9=SUM(January[Current Price]) on the 2021_Sold January tab.... =INDEX('C:\Users\Your.Name\Downloads\[2010_Sold.xlsx]January'!K9,1,1) you will get the value to populate even when the sold book is closed