Can Vlookup set a cell in the same Row to True?

Hi, again, Excel-ers,

In Excel 2007, I've got a Vlookup that works.
It finds what I want it to find.
Is it possible to have the same function SET a Cell in the same (found) Row to True (or False)?
Conceptually, it should work like...
=IF(ISERROR(VLOOKUP("abc",B1:D10,2,FALSE)),"","Found abc" (AND SET Column 3 to TRUE)).

Can that be done?

Thanks.

Mark53