conditional format based whether VLOOKUP finds a value

Is there any way to turn a cell a specific color if a index/match formula finds a value but leave no color in the target cell if it does not? My formula looks at at inventory levels of parts off another sheet with a specific date. If the date does not match, the cell returns the previous days inventory level. I need the cell to format to green if the inventory is a direct result of the index/match. Here is my formula: =IF(BN5=Inventory!$B$1,IFERROR(VLOOKUP($C7,Inventory!$A$3:$B$200,2,FALSE),0),BM10). Right now I have to color each of 125 cells manually and it is very time consuming.

I don't see INDEX/MATCH in your formula, but if you meant VLOOKUP

You could use...

=MATCH($C7,Inventory!$A$3:$A$200,FALSE)