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finny's avatar
finny
Copper Contributor
Apr 01, 2025

deduct 5% formula question

I have a spreadsheet that gets submitted to a contractor for payment.  it's set up to automatically deduct 10% of the total amount requested kept for retainage if the project is at 50% or more complete.

 I need to add a formula to deduct 5% if the total amount of the project is less than 50% complete, from the total requested amount kept for retainage.  both 50% and 5% needs to be within the formula

 

if you need the spreadsheet to open, send me an email at mailto:email address removed for privacy reasons

 

thanks

Formulas and Functions

1 Reply

  • ExcelExciting's avatar
    ExcelExciting
    MVP
    Apr 02, 2025

    Assuming that your cell B2 = Project Completion Percentage (eg. 48% or 0.48) cell C2 = otal Amount Requested for Payment than your an use this formula

    =IF(B2>=0.5, C2*0.1, C2*0.05)

    this will checks if the project is 50% or more complete if yes then retainage C2 * 10% else C2 * 5%

    If this resolves your query don't forget Mark as Solution.

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