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vlookup to a sheet in sharepoint

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I am new to vlookup and it is getting data from a excel file stored in a version enabled sharepoint list. We published a new version of the excel file in sharepoint. The vlookup (triggered manually) will not pick up the latest information from time to time.

1. When vlookup is run in my machine, is the target excel file loaded (and calculated) into my machine for vlookup to get its data?

2. Sometimes we will open the excel file in sharepoint locally (verifying we have the right info), then the vlookup may pick up this information. 

 

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