How to implement a cap on total amount?

Summary:

ICP - Total Claim Limit in a Fiscal/Calendar year

Content (required):

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.

Version (include the version you are using, if applicable):

23C