Excel 2010 cannot display data from a linked .xlsx file.

Hi everyone, I am having an issue here with two linked files. When I open the first file I get a prompt asking me if I want to update the links. Up until then I can see that the cells have populated data but whether I choose to update the links or not, as soon as I hit "update" or "Don't update" the values disappear and then all I get in each cell is "#Value!". I am a complete Excel noobie so any help will be immensely appreciated!