It sounds like the sheet is not really recalculated; watch the status bar to ensure "Calculate" does not show. However I have had complex workbooks such as you, and found that "Calculate" can sometimes not be shown, even though recalculation IS needed! I'll give you what I use as a lame workaround; it's absolutely an incomplete solution since I simply can't tell if the workbook is "dirty" thus I don't know if I'm overdue to do it:

It is to hit F2 and hit enter or the tab key. Once the focus arrives at the next cell (e.g., the one to the right), I can tell that the recalc has indeed been complete for that sheet.

Sorry to have nothing better than a clumsy workaround. It's no true solution. :(

On Jan 3, 5:53 am, REM wrote:
Hi,
I have a complex sheet with long formulae and functions. This
normally works well but occasionally the cells with formulae or
functions display only #VALUE!

I have Application.Volatile at the start of each function and a full
recalculation does not cure the problem.

Only editing each cell and pressing enter gives the correct value.

I could use a workaround but would appreciate any suggestions of why
this should be happening so I can correct it.
Many thanks,
Rod