Begging one more time....Stuck on this....tracking Retainage %

[Guest]

I am trying to figure out a formula that will automatically figure retainage
for pay applications. We keep 10% retainage until we reach 50% of the total
construction cost. After that they are totally retained. My spreadsheet is
set of to retain 10% already. How can I have it check the total contracted
amount and quit removing 10% once retainage has reached 50% of the total
contract amount?
I am using excel 2003.
We usually get billed monthly for six months.

Thanks! Trying to finish this up so I can distribute in the AM

 

[Pete_UK]

Well, if you are so desparate for an answer it would help if you were
to give further details rather than just repeat what you posted
earlier - presumably you had no replies to that one?

Post details of your data layout, any formulae you currently use, what
you have tried already, what doesn't work. In particular, explain how
you cope with the retained amount at present, perhaps with a small
example, and what you would like to achieve ultimately.

Pete

 

[Fred Smith]

The best way to get an answer is to give enough information to get to a
solution.

What's retainage? What formula are you currently using?

Based on the information you've provided, it looks like a simple if statement
will do the job, as in:

=if(Cost>50%*TotalCost,10%*TotalCost,Cost)

 

[Guest]

Project Total=600,000 (H35)
=IF(H36>50%*H35,10%*E36,0) This appears to work, would using .5 be better?

Sorry first time on here I hust figured out how to reply without re-posting.

Thanks

 

[Fred Smith]

50% and .5 are exactly the same amount. It's a matter of personal taste.