Example:
- Create two empty workbooks, BookA.xlsx and BookB.xlsx (Save as... somewhere)
- In BookA enter a value into A1, e.g. "Hello"
- In BookB enter the following into any cell you like : =[BookA.xlsx]Sheet1!$A$1
- Notice that "Hello" appears in your chosen cell
In step 3, if BookB isn't in the same folder as BookA, Excel may ask you locate the workbook using a file chooser dialogue.
If you change the location of a workbook, when opening a workbook that refers to it (e,g, BookA is moved and then opening BookB) if Excel doesn't prompt you to automatically, you may need to update the file links, using Data > Connections > Edit Links. This dialogue will allow you to check the status and update/refresh the links between workbooks.