Hi All,

I have a workbook that links to two other workbooks.
Two carry data, one does the calcs...
All three workbooks are in the same directory.

When I open the 'calcs' workbook, I allow macros then update links.

References to cells in the data workbooks show as #value errors.

If I have all three open, the 'calcs' sheet works fine.

What gives ???

Thanks to the group.