"Alan Beban" wrote...
Did the OP indicate that the other workbook is closed?
...

As Frank has already pointed out, the full path isn't required when the workbook
is open. Did the OP's use of the full path raise any red flags for you?

Actually the OP stated:

"This does work

=VLOOKUP("25th",'\\server\sharedfolder\[LCV.xls]QTR'!H:I,2,FALSE)"

Taking the OP at face value (which you've been known to do in other threads),
the formula above could only be stored as such in Excel if the workbook were
closed; otherwise, Excel would have converted the formula to

=VLOOKUP("25th",[LCV.xls]QTR!H:I,2,FALSE)

Logical inference is a powerful skill, once developed. You should try it
sometime.

--
To top-post is human, to bottom-post and snip is sublime.