When you look at a formula with an external link it will show the entire path even if it is a relative link. For example, if I have a file "Project Master.xlsx" in folder
C:\Users\Jeff\Project A
and it has a formula like
Formula:
=[Project Data.xlsx]Sheet1'!$A$1
which refers to a file in the same folder, when the Project Data file is closed, the formula will show as
Formula:
C:\Users\Jeff\Project A\[Project Data.xlsx]Sheet1'!$A$1
You see the full path but Excel still considers it to be a relative path.
Now if I copy both files to a new folder "Project B", the Project Master file will now automatically show the formula as
Formula:
C:\Users\Jeff\Project B\[Project Data.xlsx]Sheet1'!$A$1
This will not happen if you have the original Project Master file open, and then do a Save As to save it to the new folder. If you do that, it will still point to the original file in the original folder. You have to close the file and copy it.
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