As you open this file, you probably get the same error message as me. There are one or more circular references in your model If you did not, you may need to go into Excel options (so that's ALT F T), go to the advanced tab and make sure you do not have enable iterative calculation checks So I press "OK" and I notice in the bottom left hand corner of my screen it says circular references and I notice these blue lines I'm going to use my error checking tool, ALT M K C And here I can see all of the cells in bold in the circular. I'm going to go down to the bottom, so F222 And start working my way up, looking for anything that might look a little bit unusual and labels that stand out Maybe any formulas that don't look quite right So I have cash balance, I can see that's last period plus this one, that's okay Cash from financing, all looks fine! Change in short term borrowings, I have to go up and have a look at that but F minus E looks fine to me Again, short term borrowings. So everything seems to be cash or short term borrowings related at the moment, nothing unusual And here we have ending short term borrowings, the sum of the two above Short term borrowings, the minimum of two items, that looks fine Surplus cash? Again looks fine, I take cash available to service debt less any mandatory repayments Cash available? That looks fine, beginning cash? Ooo and I do notice something wrong here Beginning cash and cash equivalent is linking to F90 Now I would have expected my beginning cash and cash equivalents to be linking to column E It could be the case that my beginning cash is actually in F90, but let's just go and check that. So I hit CTRL open squared brackets And I can see that I am linking to cash in the balance sheet The balance sheet is an end of period figure So that should be linking to E90 instead, so why is it a circular? Well I'm using my ending cash instead of beginning and that ending cash is helping me to calculate ending cash as circular reference So let's change that reference, instead of it linking to F90, it should be linking to E90 And I note that that circular reference has disappeared And it's now moved onto a circular reference in column G. If I copy this to the right The circular reference moves again and as I copy all the way to the end (of the row) the circular reference disappears The bottom left hand corner of my model, it did say circular reference, that has now gone circular reference disappears the bottom left hand corner of my model in the it's a circular reference that has now gone