It needs to be open at some time, to get the data, but after that no. When
you open the referencing workbook, it will ask to update links, which you
can accept or refuse. Obviously, if the other workbook has been changed and
you refuse, you still see the old values.
Want to reply to this thread or ask your own question?
You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.