Preset the column to Red. Insert this event sub in the worksheet code area:
Private Sub Worksheet_Change(ByVal Target As Range)
Set t = Target
Set c = Range("C:C")
If Intersect(t, c) Is Nothing Then Exit Sub
If t.Value <> "y" Then Exit Sub
Application.EnableEvents = False
t.Interior.ColorIndex = 10
t.Value = "checked"
Application.EnableEvents = True
End Sub
The code uses column C. Adapt for your specifics.
Because it is worksheet code, it is very easy to install and use:
1. right-click the tab name near the bottom of the window
2. select View Code - this brings up a VBE window
3. paste the stuff in and close the VBE window
If you save the workbook, the macro will be saved with it.
To remove the macro:
1. bring up the VBE windows as above
2. clear the code out
3. close the VBE window
To learn more about macros in general, see:
http://www.mvps.org/dmcritchie/excel/getstarted.htm
To learn more about Event Macros (worksheet code), see:
http://www.mvps.org/dmcritchie/excel/event.htm