There are 3 steps in the calculation, best illustrated by an example. Using the setup in the screenshot for Retention Code RET1
Claim Value |
Step 1 Basis |
Step 1 Retention |
Step 2 Basis |
Step 2 Retention |
Step 3 Basis |
Step 3 Retention |
Total Retention |
50,000 |
10% of 50,000 |
5,000 |
|
|
|
|
5,000 |
|
|
|
|
|
|
|
|
300,000 |
10% of 100,0000 |
10,000 |
5% of 200,000 |
10,000 |
|
|
20,000 |
|
|
|
|
|
|
|
|
600,000 |
10% of 10,0000 |
10,000 |
5% of 400,000 |
20,000 |
2.5% of 100,000 |
2,500 |
32,500 |