Use DataSnipper's Form Extraction to validate information referenced in corporate tax forms, such as K-1 forms, directly within your tax workpaper.
What the video covers
The video demonstrates the Form Extraction workflow for corporate tax preparation, showing how to import tax forms such as K-1 forms, draw extraction areas over the data you need, and preview the results before exporting them to Excel. It also covers saving an extraction configuration as a reusable template so the same data elements can be located automatically on future engagements.
Prerequisites
Tax forms (e.g. K-1 forms)
Tax workpaper in Excel
Extracting data from tax forms
Open your tax workpaper and import the tax forms.
Click Form Extraction and select Start new form extraction. Select the files to extract from.
Click Add extraction and draw a rectangle over each data element you want to extract. Name each extraction clearly.
Use the three-dots menu to edit, rename, or delete any extraction.
Click Save as template if you want to reuse this configuration for future engagements.
Click Export to Excel. The extracted data appears in a new tab in your workbook.
Copy and paste the snips into your target workpaper tab. Embedded formulas present the data automatically.
Using a saved template
Open Form Extraction and select the relevant template. Select the files to apply it to and click Ok.
Form Extraction automatically locates the configured data elements and presents them in the preview.
Click Export to Excel to complete.
