Replace offset with Index

[bkish]

I currently am using offset to reference another workbook. I have a cell that has a defined name so I reference that cell and then do my offset off of that. The formula looks like this:

=IF(OFFSET('Source.xls'!Bulk_Counterparty,1,0)="","",(OFFSET(Source.xls'!Bulk_Counterparty,1,0)))

Is there a way to use Index/and or Match to do something similiar so I can use it with a closed workbook? I currently have to have the workbook open in order to do so.

 

[Yard]

Can't think of a straightforward way, other than: why not just have another named range for the cell you want to reference??

 

[Peter_SSs]

Is the named range used for anything else?

If not, instead of naming the individual cell in Source.xls as Bulk_Counterparty, could you make that name apply to the cell it already does and the cell immediately below? then you could use:
=IF(INDEX(Source.xls!Bulk_Counterparty,2,1)="","",INDEX(Source.xls!Bulk_Counterparty,2,1))

If you do need Bulk_Counterparty to only apply to a single cell, then maybe Yard's suggestion?

Edit: Maybe Yard's suggestion is simpler than my first suggestion anyway?