It refreshes the sheets in the order they appear in the sheet tabs. If
Sheet1 has a pivot-table based on query-table data in sheet2 then
'Refreshall' updates the pivot-table and then the query-table, which
means changes in the query-table data aren't reflected in the
pivot-table. Looks like you would either have to move sheets with
external links to the front of the workbook or run the 'Refreshall'
twice so the pivot-table can pick up the new data on the second pass.