Run this macro from inside the Master file. It will open the UPDATE file from your default directory, update the values and close the update file. If you don't want the update file closed, take out that line of code near the bottom.
Code:
Option Explicit
Sub UpdateMasterFile()
'JBeaucaire (7/10/2009)
Dim LR As Long, Rw As Long, i As Long
Application.DisplayAlerts = False
Application.ScreenUpdating = False
Workbooks.Open ("Update.xls")
LR = Range("A" & Rows.Count).End(xlUp).Row
For i = 2 To LR
Rw = 0
On Error Resume Next
Rw = WorksheetFunction.Match(Range("A" & i), Workbooks("Master.xls").Sheets("Sheet1").Range("A:A"), 0)
If Rw > 0 Then
With Workbooks("Master.xls").Sheets("Sheet1").Cells(Rw, "B")
If Not .Value = Cells(i, "B") Then
.Value = Cells(i, "B")
.Interior.ColorIndex = 6
End If
End With
With Workbooks("Master.xls").Sheets("Sheet1").Cells(Rw, "C")
If Not .Value = Cells(i, "C") Then
.Value = Cells(i, "C")
.Interior.ColorIndex = 6
End If
End With
With Workbooks("Master.xls").Sheets("Sheet1").Cells(Rw, "D")
If Not .Value = Cells(i, "D") Then
.Value = Cells(i, "D")
.Interior.ColorIndex = 6
End If
End With
End If
Next i
Workbooks("Update.xls").Close False
Application.ScreenUpdating = True
Application.DisplayAlerts = True
End Sub