Within a folder (which is a master folder) I have set up a file called
'latest month'. In addition there are many other sub-folders that include
lots of other files (up to 300), all using formulas relating back to 'latest
month'.
My intention was to copy the whole of this master folder, creating a new set
of folders and files each month. Then that months file called 'latest month'
would contain that month's data and all formulae would refer to this file.

I thought this would work (when I originally set it up a few months ago I
thought it had) - however when I now come to do this I find that the formulae
in the now current month all refer back to the 'latest month' file within the
original master folder.

Any ideas as to how I can ensure the new sets of files created each month
refer to that months data - as I don't relish updating the links in everey
file every month?

Thanks