Welcome to the Board!
In the other cell try this formula:
=if(a1 > =500,if(a1 <= 1000,1))
or:
=if(and(a1 > =500,a1 < = 1000),1)
Hope that helps and change a1 to the cell to check for. Not sure what you want the cell to show if it is not between 500 and 1000?