source data from one spreadsheet to another

Hello,

I have this idea in my head but as a novice in excel don't have clue how to make it happen.

I have two workbooks. One is the source of data and other one is the inventory workbook that i need to update with data from source data. I would like to know, what possible function I can use.

Much appreciate any help, Thank you ...wokring with excel 2007, but anybody with newer version can join.

Vaclav