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How to perform Form 5500 Reconciliation with DataSnipper

Use Form Extraction and Document Matching to reconcile Form 5500 data against financial statements in DataSnipper.

Use DataSnipper's Form Extraction and Document Matching to perform Form 5500 reconciliations against plan financial statements.

Video tutorial

What the video covers: importing Form 5500 and financial statements, applying the Form 5500 featured extraction template, exporting extracted fields to Excel using the built-in formula, then running Document Matching to reconcile the trial balance against the financial statements.

Prerequisites

  • Trial balance

  • Form 5500 (PDF)

  • Plan financial statements

Start procedure

  1. Open your Excel workbook, ensure the testing data is documented, and import your Form 5500 and Financial Statements into DataSnipper.

  2. In the Document Extraction dropdown, click Form Extraction in the DataSnipper ribbon.

  3. Select the featured template "Form 5500", found in the US tab.

Selecting the Form 5500 featured template

  1. Select the Form 5500 PDF document and click "Ok".

  2. The template extractions are applied automatically. Click "Export to Excel".

Exporting extracted Form 5500 fields to Excel

  1. A formula transposes the extracted fields into the reconciliation sheet. See the "Formula Instructions" sheet for details.

  2. Click the Document Matching button in the DataSnipper ribbon and select "Start new document matching".

  3. Select the trial balance as the sample data.

  4. Select "Document Folders" and choose the 'Financial Statement' folder.

  5. Cross-check the output columns and manually adjust them according to your procedure.

Setting up Document Matching for Form 5500 reconciliation

  1. Click "Match all rows". Once complete, review the output by moving through the snipped cells.

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