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Default merge data into form letter

I have an excel sheet with several columns of data. There are two columns
that I am concerned with. One column tells if the person has a balance sheet
on file or not and the other tells if the person has a personal financial
statement on file or not. I want to be able to merge only those that are
missing one of the files or both of the files. How do I get my merge to see
if the sheet says yes or no for either file?
Example: Person X has a balance sheet but no financial statement. Person Y
has both files. Person Z has no balance sheet but does have a financial
statement. I need the merge to pull only person X and Z and skip Y.
Thank you for any help.
 
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