Function FileExists(FullFileName As String) As Boolean
' returns TRUE if the file exists
FileExists = Len(Dir(FullFileName)) > 0
End Function
Example:
If Not FileExists("C:\FolderName\SubFolder\FileName.xls") Then
MsgBox "The file doesn't exist!"
Else
Workbooks.Open "C:\FolderName\SubFolder\FileName.xls"
End If