No other ideas without more information...

Take an example cell in the master workbook which gives a #REF error.
What do you see in the formula bar when you select that cell?
What setting do you have in the master workbook for Tools / Options /
Calculation / Save external link values?

Opening the source workbook, what does the value in that cell change
to?
If you are referencing a single cell in the source workbook, what
formula does it contain?


Bill Manville
MVP - Microsoft Excel, Oxford, England
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