I'm working on an Excel 2007 workbook which contains formulas to other
workbooks. Several of the columns in that file use the =Max(Index(location
of file\[name of file]sheet name!Cell reference), however, if the file that
the formula is closed then all I get in my results in #ReF but when the file
that the formula references is opened then I get the actual results of the
formula.

Is this the default in Excel?

Thanks,