IF Statement and Vlookup Formula....something small missing!! HELP!

Good Morning! I know this is simple and I cannot figure it out.


On Sheet A, I have a list of items and I simply want to look at Sheet B and see if it exists. If so, I want it to return "YES" and if it does not exist, I want it to return "NO". My formula is below and the sample workbook is attached. Any help is greatly appreciated!!!


=IFERROR(VLOOKUP(A3,'Sheet B'!$A:$A,1,FALSE),"No") - works fine, but it doesn't but doesn't return the "YES", only the matching value

=(IF(VLOOKUP(A2,'Sheet B'!$A:$A,1,FALSE),"Yes","No") - thought this would work, but it doesn't work either.

I am missing something!!

Wow, thank you!! It worked well. I also liked that is a much simplier way to get the desired result!! Just to make sure I understand, can you explain what formula is doing?