If I have a list of names with codes and say four different action notes (read, distribute, scan, file) for different codes all preset. Can I then compare a new list of names and codes and if the same code appears input or assign in an additional column next to my new list those preset action.

The answer is Yes (I think). But I'm not real clear of what you are asking about. It might be better if you attach a mockup of your spreadsheet and a specific example of what you need.

But it sounds like this is a more suitable task for a database, not a spreadsheet.