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-- In the left „Link to column, choose the kind of document/information you wish to add the hyperlink to.
-- In the „Text to display box; type the title of the hyperlink [as you would want it to appear in the cell you chose]. In this example type „My Favorite color.
-- Choose the folder the document is located in, select it and click „Ok.
-- The hyperlink title will appear as below.

-- Click the hyperlink and it will open the document attached to it.
Please note:
In the above example we have chosen a document located on the desktop. However, with this function, a hyperlink can be connected to another worksheet in the same workbook [Place in this document], webpage, and email address.
One can also create a new document „after placing the „Hyperlink in the required cell