The only time I've seen this is when I've inserted rows into the "sending"
workbook's worksheet--with the receiving workbook closed.

Not to be to offensive, but I bet someone inserted a row when you weren't
looking--or the original formula was hosed when it was written.

Halwit wrote:

I have several spreadsheets which share data among them. Frequently, the
"link to" spreadsheet cell indicates an address which is one row off, ie;
the source date is in F24 but the formula reads F23. This results in the
wrong data, of course. Seems to affect 2 items only... the rest are OK. I
have not inserted rows in the source file. Running EXCEL 2000 under XP.

--

Dave Peterson