I've got a fairly complex multi-sheet workbook. If I enter data into it, everything is fine, until I close and reopen it. At that point, various calculated values show #REF! until I modify a value; at that point, all the errors go away. Manually recalculating (F9) doesn't make the errors disappear.

Here's what's even weirder. If I choose one of the #REF! cells and use the Evaluate Formula function so that I can single-step it, I can walk through the entire calculation with no errors, until I get to the very last step. The formula eventually evaluates down to (2*1), and when I step that one, I get #REF!. What the hell?

Anybody have any idea what's going on?

Thanks,
Aaron