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What you’re seeing is Excel rewriting links to a different base path, usually after a change in how the file was opened, saved, or cached locally (especially with anything that touched OneDrive/Office “recent files” or AutoSave behavior). It’s not intended to “force” anything, but it can break large models like yours, and fixing it one-by-one would be unreasonable. You can fix this in batch and repoint all external links at once.
Open your workbook, go to Data → Edit Links (this only appears if Excel detects external links). In that window you’ll see a list of all linked source files. Select one, then use “Change Source” and point it to the correct file location. If multiple links point to the same incorrect base path, you can select multiple entries and change them together. If all links share the same structure and only the root folder changed, Excel will often update all matching links automatically once you point one correctly.
If Excel doesn’t group them properly, try Find and Replace on the formulas themselves. Press Ctrl+H, then search for the incorrect path fragment like:
C:\Users\myname\AppData\Roaming\...
and replace it with the correct base path, for example:
D:\YourActualFolder\...
Make sure “Look in: Formulas” is selected, then replace all. This updates hundreds of links in one pass.
If some links are defined names instead of direct formulas, go to Formulas → Name Manager and apply the same idea there, either manually or using the same replace approach if you copy them into a temporary sheet.
If the links are embedded in Power Query connections, go to Data → Queries & Connections, open each query, and update the source path in Advanced Editor. If many queries share the same root, you can copy one corrected M expression across them.
If you want something more controlled, a short VBA script can rewrite every external reference in seconds:
Sub FixLinks()
Dim ws As Worksheet
Dim c As Range
Dim oldPath As String
Dim newPath As String
oldPath = "C:\Users\myname\AppData\Roaming\..."
newPath = "D:\YourActualFolder\..."
For Each ws In ThisWorkbook.Worksheets
For Each c In ws.UsedRange
If c.HasFormula Then
c.Formula = Replace(c.Formula, oldPath, newPath)
End If
Next c
Next ws
End Sub
Run that once and it will sweep the entire workbook.
On the “charging Microsoft” point, you can either raise a support ticket (if you have a business or enterprise license), report this through Excel’s feedback channel, or restore a previous version of the workbook if you have backups.
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hth
Marcin