How to set target file size and dimensions?

[Papay]

Is it possible to set a target max file size and dimensions for conversions?

For example I want to resize all my images to max width 500px with a target file size of 40KB.

I want XnConvert to automatically reduce quality that will fit 40KB and at the same time resize the image's height based on the 500px max width.

Is this possible? Thanks in advance!