diff --git a/sc/qa/unit/data/ods/pivot-table-err-in-cache.ods b/sc/qa/unit/data/ods/pivot-table-err-in-cache.ods
new file mode 100644
index 000000000000..b566a61f8898
Binary files /dev/null and b/sc/qa/unit/data/ods/pivot-table-err-in-cache.ods differ
diff --git a/sc/qa/unit/pivottable_filters_test.cxx b/sc/qa/unit/pivottable_filters_test.cxx
index 7697fdb20b48..5e737486d5b3 100644
--- a/sc/qa/unit/pivottable_filters_test.cxx
+++ b/sc/qa/unit/pivottable_filters_test.cxx
@@ -81,6 +81,7 @@ public:
     void testPivotTableDuplicatedMemberFilterXLSX();
     void testPivotTableTabularModeXLSX();
     void testTdf112106();
+    void testTdf123923();
 
     CPPUNIT_TEST_SUITE(ScPivotTableFiltersTest);
 
@@ -119,6 +120,7 @@ public:
     CPPUNIT_TEST(testPivotTableDuplicatedMemberFilterXLSX);
     CPPUNIT_TEST(testPivotTableTabularModeXLSX);
     CPPUNIT_TEST(testTdf112106);
+    CPPUNIT_TEST(testTdf123923);
 
     CPPUNIT_TEST_SUITE_END();
 
@@ -2326,6 +2328,23 @@ void ScPivotTableFiltersTest::testTdf112106()
     xDocSh->DoClose();
 }
 
+void ScPivotTableFiltersTest::testTdf123923()
+{
+    // tdf#123923: Excel fails when it finds "Err:504" instead of "#REF!" in pivot table cache
+
+    ScDocShellRef xShell = loadDoc("pivot-table-err-in-cache.", FORMAT_ODS);
+    CPPUNIT_ASSERT(xShell.is());
+
+    std::shared_ptr<utl::TempFile> pXPathFile
+        = ScBootstrapFixture::exportTo(&(*xShell), FORMAT_XLSX);
+    xmlDocPtr pTable = XPathHelper::parseExport(pXPathFile, m_xSFactory,
+                                                "xl/pivotCache/pivotCacheDefinition1.xml");
+    CPPUNIT_ASSERT(pTable);
+
+    assertXPath(pTable, "/x:pivotCacheDefinition/x:cacheFields/x:cacheField[1]/x:sharedItems/x:e",
+                "v", "#REF!");
+}
+
 CPPUNIT_TEST_SUITE_REGISTRATION(ScPivotTableFiltersTest);
 
 CPPUNIT_PLUGIN_IMPLEMENT();
diff --git a/sc/source/core/tool/interpr1.cxx b/sc/source/core/tool/interpr1.cxx
index bc57c63388ae..75fd8f82b874 100644
--- a/sc/source/core/tool/interpr1.cxx
+++ b/sc/source/core/tool/interpr1.cxx
@@ -5738,6 +5738,7 @@ void ScInterpreter::ScCountIf()
                 }
                 break;
                 default:
+                    PopError(); // Propagate it further
                     PushIllegalParameter();
                     return ;
             }