Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
Hello
The code itself is not the license key. It is to redeem the product and then tie it to your Microsoft account.
You can always Go to www.office.com/setup or Microsoft365.com/setup and enter the code, to see if it has been redeemed.
If it has, your Microsoft account moving forward is your license.
Is this for a subscription? IF so, on the new computer, just go ahead and install it.
Please go to https://www.office.com
Sign into the Microsoft account you used for the subscription. Click on Apps on the left.
Then on the upper right, click on "Install apps". This will now download the installer file. Once downloaded, click on the file to install. It will install the Desktop version of the apps for you then.