Of-course it is!

Create a VBA procedure, run by click on button. The procedure checks RepairTracker table for repairs done (by repair status there, or by repair date, or whatever), updates the RepairStatus in Equipement table for repaired equipment, then updates the query, and after that updates RepairTracker table with new equipment marked as needing repairs.

Not a simple task btw. And I can't help, as I don't have Excel at home, and I can't do something like this on fly.