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Double-click the Excel document in which you want to insert a hyperlink. You can also open a new document by double-clicking the Excel icon and then clicking Blank Workbook. This should be a cell into which you want to insert your hyperlink. This tab is in the green ribbon at the top of the Excel window. Clicking Insert opens a toolbar directly below the green ribbon. If you're on a Mac, don't confuse the Excel Insert tab with the Insert menu item that's in your Mac's menu bar. It's toward the right side of the Insert toolbar in the "Links" section. Doing so opens a window. This tab is on the left side of the pop-up window. Type the text that you want to see displayed into the "Text to display" field. If you don't do this, your new document's name will be the hyperlink's text. Do so in the "Name of new document" field. It's at the bottom of the window. By default, this will create and open a new spreadsheet document, then create a link to it in the cell that you selected in the other spreadsheet document. You can also select the "Edit the new document later" option before clicking OK to create the spreadsheet and the link without opening the spreadsheet.
Open an Excel document. Select a cell. Click Insert. Click Hyperlink. Click Create New Document. Enter the hyperlink's text. Type in a name for the new document. Click OK.