Help! Conditional Formatting

[esfaber]

Hello,

I'm setting up a spreadsheet with three columns (for a budget
template)
Proposed Budget, Actual Expenditures, Variance

I want to (?I think) apply conditional formatting to the 4th column.

The cell must turn red if:

1. The variance is over or equal to 20% AND over or equal to $20, 000
(i.e. if the amount is $500 I don't care)

OR

2. Under or equal to NEGATIVE 20% AND under or equal to NEGATIVE
$20,000

Is this do-able? I'm using 2007.

Thanks!