So you just see the text of the formula?

If yes, maybe you formatted the cell as text.
Format|Cells|Number tab|Choose General

Or maybe you're looking at formulas:
tools|options|View tab|uncheck formulas

Doug wrote:

For some reason externals links are not functioning. If I type "=" and click
on the other workbook to select the cell it does not recognize that I am
typing to create a formula between two different workbooks. And, No, I did
not click Enter after I typed the "=" sign. Is there something in my Tools,
Options that has been disabled?

--

Dave Peterson