Excel 2007 Formulas (Mr. Spreadsheets Bookshelf)

You should understand that all open workbooks use the same calculation and iteration settings. For example, if you have two workbooks open, you cannot have one of them set to automatic calculation and the other set to manual calculation. Although you can save a workbook with particular settings (for example, manual calculation with no iterations), those settings can change if you open another workbook.

Excel follows these general rules to determine which calculation and iteration settings to use:

Bottom line? When you open a workbook that uses iteration, there is no guarantee that the setting saved with your workbook will be the setting that is in effect when you open the workbook.

Caution 

When the Enable Iterative Calculation setting is in effect, Excel will never display the Circular References warning dialog box and will not display the Circular References message in the status bar. Therefore, you may create an unintentional circular reference and not even know about it.

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