How do I make a new payroll formula based on a percentage of gross pay?

Question

I need to first compare 15% of Gross Pay to a flat amount of $114.75. If 15% of Gross Pay is greater than $114.75, then use $114.75. If 15% of Gross Pay is less than or equal to $114.75, then use 15% of Gross Pay. Here is the formula I have so far that isn't calculating right. Right now, if the Loan Deduction is less than $114.75, then it uses 15% of Gross Pay. That isn't correct. 
 IF((0.15 * GROSS PAY (PR CHECK)) > 114.75, 114.75, (0.15 * GROSS PAY (PR CHECK))) 
 Any ideas for me?

Art Minds · Accepted Answer

Use the MIN function in the formula, and be sure to use the PR Check record (as that is the record in memory when you're processing payroll), selecting the Gross Pay field from the PR Check Record. This formula should work: 
 
MIN (Gross Pay * 0.15, 114.75) 
 
You can then use the "Limit" field to put the total loan balance, which will not be exceeded. 
Familiarize yourself with the "Functions" by searching the Help menu. There are many useful functions for accomplishing results that can't be done with manually created formulas.

Sage Construction & Real Estate

How do I make a new payroll formula based on a percentage of gross pay?

COMMUNITY

COMPANY

PARTNERS

SUPPORT & TRAINING