If you dont need it to be ‘written’ in the sheet, virtual columns can be the way to go. Add a virtual column, with :
ifs([Col]="TRUE", "Text A",
[Col]="FALSE", "Text B"
)
If you need it to be written in the sheet, you need a data change workflow. Based on your question, I dont think you have got there yet, so either go with the virtual col approach, or if you have to take the second path, first familiarize yourself with actions. How can you use an action to change a ‘yes’ to ‘no’.
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