The two following formulas return the same result:

=OFFSET(INDEX('G:\NADC Finance\David Friedman\P2P MAPPING\[Copy of
MAPPING TABLE.xls]MAPPING_ACCOUNTS'!$E$1:$E$1050,MATCH(B2,'G:\NADC
Finance\David Friedman\P2P MAPPING\[Copy of MAPPING
TABLE.xls]MAPPING_ACCOUNTS'!$E$1:$E$1050,0)),,-2)

and

=INDEX('G:\NADC Finance\David Friedman\P2P MAPPING\[Copy of MAPPING
TABLE.xls]MAPPING_ACCOUNTS'!$C$1:$C$1050,MATCH(B2,'G:\NADC Finance
\David Friedman\P2P MAPPING\[Copy of MAPPING
TABLE.xls]MAPPING_ACCOUNTS'!$E$1:$E$1050,0))

However, when the external workbook is closed, the formula using
OFFSET returns #VALUE! errors and the other does not. Is this because
OFFSET is a volatile function?

Thanks,

Dave