Hello. I work in construction and monthly I will prepare a billing based off an amount or percentage completed on the project. On each project we will hold a Retainage amount for each line item on the project. That percentage held will either be 5% or 10% of the amount completed that month and will stop once the line is 100% complete billed. However, we have a few projects where once the total contract amount is billed at 50% then the Retainage percentage being held will go from 10% to 0% or it will reduce down from 10% to 5%. What formula can I write in each Retainage line that will tell it to calculate 10% up to a specific total amount is reached and then stop and no longer calculate that Retainage?
Example:
Project Contract Total is $550,000, Retainage held is 10% until 50% of job is complete and then Retainage will be 0%.
$550,000/2=$275,000 (This is 50% of the contract amount)
Retainage Max = 275,000*.10 = $27,500
After the total from each line item reaches $27,500 total, the retainage then moves to 0% and only $27,500 is held on the project until project is complete.
Any help is appreciated. I know this sounds confusing so I hope I explained it well. Thanks!
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