When you click Refresh, the Jet Excel add-in will pull new/current data from the database. Use this option if you want the most up-to-date information.
When you click Report, the Jet Excel add-in will use cached information that was created the last time you ran the report from your current Excel session. This means that the information will be returned quickly, but will not reflect any data that was entered in the database since you previously ran the report during your current Excel session.
During report generation, the result of each Jet function is saved in a cache. If data has changed in your database, and you click Report, the report will not update the values, since the old values are stored in the cache. To see updated values from your database, click Refresh or clear the cache by closing Excel and then re-opening your report.