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Default formulas quit calculating

I just stumbled across a BIG problem with a number of spreadsheets: all their
formulas have stopped calculating. If I unprotect the sheets, put the cursor
at the end of the formula in a particular cell, and then hit "enter," the
formula calcuates, but only if I do this in each cell that contains a
formula. The behavior is occuring in multiple workbooks that have been fully
functional for many months and is happening across multiple spreadsheets.
This is about to cause a major billing disaster for me so any help would be
greatly appreciated. I'm using Excel 2003.
 
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