This error occurs because in Excel VBA, a reference must be set to another application in order to use that application's objects. To set a reference in your VBA project to Excel Link, perform the following steps:
1. Open the Microsoft Visual Basic development environment associated with the version of Excel you are using. Typically, you can browse in Excel by going to the 'Developer' Tab and click on the 'Visual Basic' icon (possibly the first icon on the left). Otherwise, Alt + F11 is another shortcut to open this utility.
2. In the Microsoft Visual Basic development window's project browser, click on your project.
3. From the "Tools" menu, select "References"
4. Check the "Excllink" box and click "OK"
Note: If the "Excllink" box does not appear in the references, make sure that Excel Link is selected as an add-in to Excel.
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