Introduction

In the procurement process, obtaining and managing Supplier Quotations is a critical step. A Supplier Quotation is a formal document provided by a potential supplier, detailing the cost of goods or services they can provide. It includes essential information such as pricing, terms of sale, payment terms, and warranties. Effective management of Supplier Quotations ensures that your business can compare offers, select the best supplier, and maintain accurate records for future reference.

This article will guide you through how to create, manage, and compare Supplier Quotations in iVendNext, helping you streamline your procurement process and make informed purchasing decisions.

1. What is a Supplier Quotation?

A Supplier Quotation is a document provided by a supplier that outlines the cost and terms for supplying goods or services. It serves as a formal offer from the supplier and is used by businesses to compare different offers before making a purchase decision.

Key Components of a Supplier Quotation:

• Item Details: The items or services being quoted, including quantities and unit prices.

• Terms of Sale: Conditions under which the goods or services will be supplied.

• Payment Terms: The payment conditions, such as due dates and discounts for early payment.

• Warranties: Any guarantees or warranties provided by the supplier.

2. How to Create a Supplier Quotation

Creating a Supplier Quotation in iVendNext is a straightforward process. Follow these steps to create a new Supplier Quotation:

Step 1: Navigate to the Supplier Quotation Section

1. Go to Home > Buying > Supplier Quotation.

2. Click on the Add Supplier Quotation button to open the Supplier Quotation Creation screen.

Step 2: Fill in the Details

1. Select the Supplier: Choose the supplier from whom you are requesting the quotation.

2. Add Items: Enter the item codes, quantities, and rates. The system will fetch the item details from the Item Master.

3. Set Terms: Enter the terms of sale, payment terms, and any warranties provided by the supplier.

4. Add Taxes and Charges: If applicable, add any additional taxes or charges, such as shipping or insurance.

Step 3: Save and Submit

1. Once all the details are filled in, click the Save button to create the Supplier Quotation.

2. After reviewing the details, click Submit to finalize the quotation.

3. Managing Supplier Quotations

Once a Supplier Quotation is created, it can be managed effectively using iVendNext. Here’s how you can manage Supplier Quotations:

3.1 Comparing Supplier Quotations

One of the key features of iVendNext is the ability to compare multiple Supplier Quotations. This helps you select the best offer based on price, terms, and other factors.

• View Multiple Quotations: You can view all Supplier Quotations for a specific item or set of items.

• Compare Prices: Compare the prices offered by different suppliers for the same items.

• Evaluate Terms: Compare the terms of sale, payment terms, and warranties provided by different suppliers.

3.2 Converting Quotations to Purchase Orders

Once you have selected the best Supplier Quotation, you can convert it into a Purchase Order. This formalizes the agreement with the supplier and initiates the procurement process.

1. Open the selected Supplier Quotation.

2. Click on the Create Purchase Order button.

3. Review the details and click Submit to create the Purchase Order.

3.3 Tracking Supplier Quotations

iVendNext allows you to track the status of Supplier Quotations, ensuring that you have a clear overview of all your procurement activities.

• Statuses: Supplier Quotations can have different statuses, such as Draft, Submitted, Accepted, or Rejected.

• History: You can view the history of each Supplier Quotation, including any changes or updates made.

4. Key Features of Supplier Quotations

4.1 Taxes and Charges

If your supplier charges additional taxes or fees (e.g., shipping, insurance), you can add these to the Supplier Quotation. This ensures that you have a complete understanding of the total cost.

• Tax Templates: You can use tax templates to automatically apply the correct taxes to the quotation.

• Charges: Additional charges, such as shipping or handling fees, can be added manually.

4.2 Terms and Conditions

Supplier Quotations can include detailed terms and conditions, such as:

• Payment Terms: Specify the payment conditions, including due dates and discounts for early payment.

• Warranties: Include any guarantees or warranties provided by the supplier.

• Delivery Terms: Specify the delivery conditions, including the expected delivery date and shipping method.

4.3 Linking to Material Requests

Supplier Quotations can be linked to Material Requests, ensuring that the quotation is aligned with the specific needs of your organization.

1. Open the Material Request.

2. Click on the Create Supplier Quotation button.

3. The system will automatically populate the item details from the Material Request.

5. Best Practices for Managing Supplier Quotations

To ensure that your Supplier Quotations are managed effectively, follow these best practices:

• Request Multiple Quotations: Always request quotations from multiple suppliers to ensure that you are getting the best price and terms.

• Compare Offers: Use iVendNext’s comparison features to evaluate different Supplier Quotations based on price, terms, and other factors.

• Track Statuses: Keep track of the status of each Supplier Quotation to ensure that they are processed and converted into Purchase Orders on time.

• Maintain Records: Keep detailed records of all Supplier Quotations for future reference and auditing purposes.

6. Conclusion

Managing Supplier Quotations in iVendNext is a crucial part of the procurement process. By following the steps outlined in this article, you can ensure that your Supplier Quotations are created, compared, and managed effectively. Whether you are requesting quotations from multiple suppliers, comparing offers, or converting quotations into Purchase Orders, iVendNext provides the tools you need to streamline your procurement process and make informed purchasing decisions.

For first-time users, mastering Supplier Quotation management is essential for effective procurement. With iVendNext, you can automate and optimize your quotation process, ensuring that your business gets the best value from its suppliers.