Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
Hi
Since the subscription was purchased through Apple, first update Excel from the Mac App Store, then sign out of Excel, close it completely, reopen it, and select “Restore previous purchase.” Microsoft specifically recommends this for App Store Microsoft 365 subscriptions: https://support.microsoft.com/en-us/office/lifecycle/restore-previous-purchase-of-microsoft-365-apps-or-copilot-pro-for-mac-iphone-or-ipad
Microsoft also recently documented the Mac “Unknown Error 0x0” issue and says it has been resolved, so make sure Excel is fully updated before trying again: https://support.microsoft.com/en-us/support/known-issues/unknown-error-0x0-license-not-found-error-microsoft365-macos