How to program excel to compare two columns and give an answer of yes or no if duplicates are found?

I have an old list of inventory with the unique key of part numbers. Then I have another spreadsheet which identifies what prart numbers are no longer in production. I dont want to erase them i just need to compare and have outlook populate another column which will read out "yes" or "no". Basically compare two columns and if it finds duplicates to populate another column with the word yes.
Osram34Asked:
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BusyMamaCommented:
=IF(VLOOKUP(your cell with the part number here,your worksheet and range here,your column with the matching value here,FALSE)<>"","No","Yes")

Mine looks like this
=IF(VLOOKUP(C63,Sheet1!F1:G2,1,FALSE)<>"","Yes","No")

You must have the worksheet with the part numbers no longer in production sorted by part number.
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Osram34Author Commented:
Let me give it a shot and ill get back to you might need little more info but thanks seems like you know your stuff busymama... ohh and i love the screen name :)
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Osram34Author Commented:
BusyMoma just made me un busy!! thanks
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