While in your Word doc,
- Select text, and right-click.
- Click Link.
- Browse to and select your excel file. This will add the file path to the Address field.
- After the end of the .xlsx file extension in the Address field, add #'Sheet1'!A1 replacing SHEET1 and A1 with the sheet name and cell name in your excel file.
For example, I want to link the text "see requirement" to sheet "Main" cell B23 in an excel file named REQUIREMENTS.xlsx. I right click "see requirement" and click Link. I make sure Existing file or Web Page is selected and navigate to my REQUIREMENTS.xlsx file. I click on the file, and REQUIREMENTS.xlsx is added to the Address field. I edit the Address field to be REQUIREMENTS.xslx#'Main'!B23. I click OK.
Might be late to the party here but hopefully this helps other people in the future.