I created a rather large P&L projection model (11+ Mb, 68 sheets). When
modifying the 2007 sheets using "methodology" used in 2006 sheet, a Circular
Reference error appeared.

Note: the methodology I developed for 2006 worked fine and did not generate
a circular reference message. Only when I was creating/copying the new
sheets/formulas into the 2007 area did the problem occur.

Several hours later, I need some help...

Information which may help you help me/actions taken to ID root of problem:
- no cell location appears next to the Circular Reference msg in the lower
toolbar, on any of the sheets/tabs in the spreadsheet
- the Circular Reference toolbar has 1 address shown in the drop down list,
but it cannot be "selected"
- I have systematically deleted sheets out of the wb (from 68 down to 1) and
the message hasn't disappeared
- I have "valued" every single sheet in the wb, effectively eliminating all
formulas, yet the Circular message is still displayed
- I have experimented with the Iteration & Maximum Change settings in
Tools/Options/Calculation, to no avail.

20 plus years using spreadsheets, and I'm totally lost how to find/fix this
problem...

Any suggestions? Any possibility that the message is erroneous, that a
"flag" has been set that needs to be reset (I'm reaching now...)

Please help
--
Randy