Guide Categories
Purchase Quotes
Request and maintain records of quotes from suppliers for effective procurement management.
Overview
The Purchase Quotes tab enables you to request and maintain records of quotes received from your suppliers before making a purchasing decision. This helps you organize all your quotes in a single, easily-accessible location, allowing for more efficient and effective procurement management.
Note
Creating a New Purchase Quote
To create a new purchase quote:
- Navigate to the Purchase Quotes tab
- Click the New Purchase Quote button
- Enter quote details and supplier information
- Add line items with specifications
- Set quote validity dates
- Save and send to suppliers for pricing
Pro Tip
Key Information Fields
| Field | Description |
|---|---|
| Date | The date on the purchase quote |
| Reference | An assigned reference number for quick identification |
| Supplier | Name of the supplier who provided the purchase quote |
| Description | A brief description highlighting the content or purpose of the purchase quote |
| Amount | The total monetary value of the purchase quote |
| Status | Indicates the current state of the purchase quote (Active, Accepted, Cancelled) |
Quote Status
The status column indicates the current state of a purchase quote:
Active
Shown if the purchase quote is linked to at least one purchase order or purchase invoice. This indicates the quote has been acted upon.
Accepted
Signifies acceptance of the quote. This status indicates you have decided to proceed with this supplier's offer.
Cancelled
Used for quotes that are no longer under consideration. This helps maintain a clear record of all procurement activities.
Best Practices
- Request quotes from multiple suppliers for comparison
- Set clear specifications and requirements
- Include delivery terms and payment conditions
- Establish quote validity periods
- Compare total cost of ownership, not just price
- Evaluate supplier reliability and quality
- Consider delivery timeframes
- Review payment terms and conditions
- Keep track of quote expiration dates
- Monitor supplier response times
- Update quote status regularly
- Maintain clear documentation for audit purposes