Though this can be achieved with a formula, you will need to populate an extra column to hold the replaced values. But if you want to replace the text in the cell itself, you may try this code to achieve this...
Sub ReplaceText()
Dim rng, cell As Range
Dim lr As Long
lr = Cells(Rows.Count, "B").End(xlUp).Row
Application.ScreenUpdating = False
Set rng = Range("B2:B" & lr)
For Each cell In rng
If Left(cell, 7) = "Check #" Then
cell = "Outgoing Check"
End If
Next cell
Application.ScreenUpdating = True
End Sub
The red part in the code can be replaced as per your requirement if the Check # column is other than col. B
Press Alt+F11 to open VBA editor --> Insert --> Module --> Paste the above code in the code window --> Close VBA editor --> Save your workbook as Excel Macro-Enabled Workbook.
To run the code again, either insert a shape (like what I did in the Test Sheet), right click on it and assign this macro to the shape OR press Alt+F8 --> select the macro ReplaceText from the list --> Click Run
Does this help?
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