"Calculate" warning won't go away

I have a system of several workbooks for financial planning. The main ones are Inc-Exp for tracking and analysing income and expenses, and Asset-Liab for tracking assets and liabilities - like the house, 401(k), mortgage loan, etc. There are 3 others that contain expense details, and 6 others that calculate income tax for each year.

Inc-Exp and Asset-Liab have several formulas referring/linked to each other. Both of them also have a number of pivot tables.

Inc-Exp also links to the expense detail workbooks (but they do not link back to Inc-Exp, or anywhere else). Each of the income tax workbooks has links to and from Inc-Exp.

In all the workbooks (and for every sheet), the "Calculate" warning is present in the status bar. However, the workbooks are all set to Automatic calculation. In addition, when I calculate manually (press F9), the word "Calculate" flashes very briefly, and then immediately reappears. In other words, it won't go away.

It seems that some of the values in these workbooks change depending on whether and when I press F9, but it is not clear why.

I think there may be a circular reference problem, but under Error Checking, the Circular Reference item is grayed out, so I think Excel believes there are no circular references.

Any ideas? Many thanks.

Hi jbrigger and welcome to the forum,

See if this link helps http://www.decisionmodels.com/calcsecretsf.htm

Then - do you have any User Defined Functions in your work?
Do you have any Array Formulas that use a CSE to enter them?
If the above is all wrong please let us know and perhaps give a sample?