You can create a hyperlink to another Excel file in Excel but you can’t control what sheet or cell will be active. Well you can actually, but you need to know how.
The dialog to hyperlink to an external Excel file is shown below.
Ctrl + k is the shortcut to open this dialog.
You can navigate to a file select it and click OK.
Hyperlinking to a specific sheet or cell
To Hyperlink to a specific sheet, or cell within a sheet, you use the above dialog but also use the Bookmark button on the right of the Insert Hyperlink dialog once you have selected the file.
Here you can select the sheet and the cell to link to.
Handling inserted row/columns
If you need to link to a specific cell but it might move due to inserted rows or columns then give that cell a name and it will be listed in the Defined Names section of the previous dialog.
Using range names handles inserted or deleted, row or columns.