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How to implement a cap on total amount applied?

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ICP - Total Claim Limit in a Fiscal/Calendar year

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Hi Team,

I am implementing an ICP where employees through Self service can log an amount for reimbursement. I though need to put a cap at the amount the employee claims in a given calendar/fiscal year.

Is this ONLY doable by Element Validation formula ? If so, may someone please share a sample please.

Is this something where Auto complete can be utilized?

Please advise and share if you have implemented similar use case.

Thanks in advance.

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