Excel data links using a Sharepoint server

Question

We have recently moved all of our files and folders from a physical server to SharePoint. In doing so I have updated all of the links in both Excel and Mathcad for the new SharePoint directory. However, I am having difficulty updating the information within those links.

A master excel spreadsheet is used to input specifications that are fed into a series of excel spreadsheets and Mathcad worksheets. Macro buttons are used to export information from the master to any applicable excel and Mathcad sheets. Typically excel spreadsheets are used as tables and matrices which then feed additional information into the Mathad sheets. I then open each Mathcad sheet to run the calculations for each item and the results from those calculations are fed back to the master excel in the summary page.

When I check the links I receive a status of "OK", but when I update the data links I get an error message that the spreadsheet cannot be connected to and the make sure I am using the correct web address. Is there a way to link to these spreadsheets without using a web based location (i.e. C:\Users\Username\Company Name\Staff - Documents\etc...)? I think this is the cause of my problems.