I am in the process of bringing old excel 2003 or later files to .xlsm 2010. Most of my files are linked together and update each other. I have saved all files together in a folder as .xlsm and updated the links to the new file names, but they are not updating. Not sure what I am missing here?

Hi,

As far as I known, if we convert the Excel edition from xls to xlsx, the related link will not update automatically. Because the reference has been changed. Please see the below image:

To workaround the issue, we may update the links manually. Steps:

Go to Data>Edit Links>Change Source> Redirecting the existing link to the new xlsx file.

Hope it's helpful.

Regards,

George Zhao
TechNet Community Support