I have two workbooks, both of which are in the same directory, one
referencing cells in the other. The dependent workbook (the one containing
the reference to the source workbook) displays a #VALUE! error. The formula
in the cell is:

=IF(Budget_Date="none",0,DSUM('N:\Corporate\Financ e\Project_Financial_Reports\1_2005_Reports\QB_Budg et.xls'!Project_Direct_Expenses,Project_ID,Revenue _Criteria))

(Note the fully qualified path.) If I remove the path name, the #ERROR! goes
away and the correct value is shown. The new formula in the cell is:

=IF(Budget_Date="none",0,DSUM(QB_Budget.xls!Projec t_Direct_Expenses,Project_ID,Revenue_Criteria))

However, every time I save the worksheets and reopen them, the filespec
reverts to the fully qualified filespec above and re-displays the #ERROR!
result.

Can someone explain what is going on? When does Excel convert to the fully
qualified filespec? I tried things such as opening the source file first,
then the dependent file, but this doesn't seem to help.

Why is the fully qualified filespec showing the #VALUE! error? Am I
exceeding some length limit? If so, what is the limit?

Thanks,

JMcBeth