Circular References

This means that one or more formulas in the workbook create a loop. For example, if cell A1 contains =A1+1, that is a direct circular reference. An indirect circular reference occurs when A1 refers to B1, and B1 refers back to A1 through one or more intermediate cells.

Excel can help you locate these references. On the Formulas tab, in the Formula Auditing group, select Error Checking > Circular References. If Excel has identified any circular references, it will display the address of one of the affected cells. Clicking the cell address takes you directly to that formula. After correcting it, return to the same menu to see whether additional circular references remain. Excel typically lists one location at a time, so you may need to repeat the process until the Circular References menu is empty.

If the Circular References menu is empty even though the warning appears, the circular reference may exist on another worksheet or in a workbook that is currently open. You can also use Trace Precedents and Trace Dependents (also on the Formulas tab) to display arrows showing how cells are linked, making it easier to identify the loop.

Finally, check whether iterative calculation is enabled under File > Options > Formulas. When this option is enabled, Excel allows circular references to calculate repeatedly until a stopping condition is met. This is useful for certain financial and engineering models but can also hide unintended circular references. If you did not intentionally create a circular reference, disabling iterative calculation can help identify formulas that need to be corrected.

More at https://support.microsoft.com/en-us/excel/remove-or-allow-a-circular-reference-in-excel

How to find and fix the cell or cells with a circular reference

• Go to Formulas > Error Checking > Circular References.
• Select each listed cell address and update the formula so it no longer points back to itself.
• Use Formulas > Trace Precedents or Trace Dependents to follow relationships if the issue spans multiple cells.
• Repeat until the status bar no longer shows Circular References.

Tip

Press Ctrl+G (Windows) or Control+G (Mac) to jump quickly to referenced cells.

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hth

Marcin