Can we put a custom value like Found, if we find a match while doing a vlookup. Like if you iferror, we can replace N/A with a custom value. Similarly can we put a custom text/value is a vlookup evaluates to True?
When a VLOOKUP can't find a match it yields the result as "#N/A", which is an error code.
The IFERROR changes that no match error code value into the string "NO", meaning a match wasn't found.
Second: IF formula
The IF formula is then determining whether the VLOOKUP resulted in a no match which the IFERROR would then change the output to "NO". The first condition is stating if the IFERROR(VLOOKUP()) function does not equal ("<>") the value of "NO" then a match must have been found which is the second statement of the IF formula which would be the output of "FOUND". The last statement then would be a false result, or if the IFERROR(VLOOKUP()) resulted in "NO" then the output would be "NOT FOUND".
I hope this clarifies the formula at least a little bit for you. Let me know if it makes sense. Thanks!
Best Response confirmed by
Sam55 (Occasional Contributor)