Workflow Process For Renaming Referenced Worksheets?

I'm unclear as to which workbook reference which ones, and which ones you want to copy to new versions.

Suppose you have Parent.xlsx and Child_1.xlsx that has formulas like

Formula:

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If you make a copy of Child_1, in the same folder, and call it "Child_1 Version 2.xlsx", the you don't have to do anything special for the new version to correctly reference the parent. You don't even need to open Excel. You can just use Windows to make a copy and rename it, with all files closed.

However, if you need to rename the parent, then the cleanest way to do it is to is to open both parent and child, then use Save As to save Parent.xlsx with the new version name. Then the name should be updated automatically in the child.