That issue depends on your code, resp. the settings in the files.
- Create FileA.xlsx with "A" in A1
- Create FileB.xlsx with "=[FileA.xlsx]Sheet1!$A$1" in A1
- Close all files
- Open FileA.xlsx, write "XX" in A1, save and close the file
- Create FileC.xlsm and add this code into a regular module and run it:
Sub Test()
Workbooks.Open "FileB.xlsx", True
End Sub
As you see FileB shows "XX" in A1, no issue.
- Close all files, don't save!
- Open FileB.xlsx manually
You should see a message at the top:
If you click "Enable Content" the formula updates and the cell shows "XX".
If you don't see that message, go into the Data tab, click "Edit Links", click the "Startup Prompt..."
The usual setting is the 1st one, but you might have the second as this picture shows:
Check also the settings inside the Trust Center\External Content:
Andreas.