Per HELP:
Possible causes for the #Value! error...

Entering text when the formula requires a number or a logical value, such as
TRUE or FALSE. Microsoft Excel cannot translate the text into the correct
data type.
- Make sure the formula or function is correct for the required operand or
argument, and that the cells that are referenced by the formula contain valid
values. For example, if cell A5 contains a number and cell A6 contains the
text "Not available", the formula =A5+A6 will return the error #VALUE!. Use
the SUM worksheet function in the formula as follows to add the two values
(the SUM function ignores text):
=SUM(A5:A6)

Entering or editing an array formula, and then pressing ENTER.
- Select the cell or range of cells that contains the array formula, press
F2 to edit the formula, and then press CTRL+SHIFT+ENTER.

Entering a cell reference, a formula, or a function as an array constant.
- Make sure the array constant is not a cell reference, formula, or
function. For more information about items that can be used as array
constants, click .

- Supplying a range to an operator or a function that requires a single
value, not a range.
- Change the range to a single value. Change the range to include either
the same row or the same column that contains the formula.

Using a matrix that is not valid in one of the matrix worksheet functions.
- Make sure the dimensions of the matrix are correct for the matrix
arguments.

Running a macro that enters a function that returns #VALUE!.
- Make sure the function is not using an incorrect argument.

HTH,
--
Gary Brown



"Lois Johns" wrote:

I have two spreadsheets, one references a cell range in the other, both are
in the same Sharepoint Document Library. When I choose to "Update", I get a
#VALUE error.