Overview

Supplier Quotations are a critical component of the procurement process in iVendNext. They allow businesses to document and compare offers from potential suppliers, ensuring that they get the best value for their purchases. This article will guide you through the essentials of Supplier Quotations, including how to create, manage, and link them to other transactions in iVendNext.

1. What is a Supplier Quotation?

A Supplier Quotation is a formal document provided by a supplier that outlines the cost of goods or services they are willing to supply. It includes details such as item descriptions, quantities, rates, and terms of sale. Supplier Quotations are essential for businesses to compare offers from different suppliers and make informed purchasing decisions.

Key Features of Supplier Quotations:

• Item Details: Lists the items or services being quoted, including quantities and rates.

• Terms and Conditions: Includes payment terms, delivery schedules, and warranties.

• Taxes and Charges: Captures additional costs such as shipping, insurance, and taxes.

• Supplier Information: Contains the supplier’s contact details and address.

2. Prerequisites for Creating a Supplier Quotation

Before creating a Supplier Quotation, ensure that the following prerequisites are met:

• Supplier Master: The supplier must be added to the system. This includes their contact details, address, and payment terms.

• Item Master: The items being quoted must be available in the Item Master with details such as item code, description, and standard buying rate.

• Material Request (Optional): If the quotation is in response to a Material Request, ensure the request is created and submitted.

3. How to Create a Supplier Quotation

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

3.1 Creating a Supplier Quotation Manually

1. Navigate to the Supplier Quotation Section:

• Go to Home > Buying > Supplier Quotation.

• Click on New to create a new Supplier Quotation.

2. Select the Supplier:

• Choose the supplier from the dropdown list. The supplier’s address and contact details will be auto-populated if they are saved in the Supplier Master.

3. Add Item Details:

• Enter the item code, quantity, and rate. If the item has a standard buying rate set in the Item Price list, it will be auto-filled.

• You can also add multiple items if the supplier is quoting for several products or services.

4. Fill in Additional Information:

• Taxes and Charges: Add any additional taxes or charges that the supplier may apply, such as shipping or insurance.

• Terms and Conditions: Include any specific terms or conditions provided by the supplier.

• Quotation Number: Enter the quotation number provided by the supplier for reference.

5. Save and Submit:

• Once all details are filled in, click Save to create the quotation. You can then Submit it to finalize the document.

3.2 Creating a Supplier Quotation from a Material Request

If you have a Material Request, you can directly create a Supplier Quotation from it:

1. Navigate to the Material Request:

• Go to Home > Buying > Material Request.

• Open the relevant Material Request.

2. Create Supplier Quotation:

• Click on Create > Supplier Quotation.

• The items from the Material Request will be auto-populated in the Supplier Quotation.

3. Select the Supplier:

• Choose the supplier and fill in any additional details as required.

4. Save and Submit:

• Save the quotation and submit it for approval.

4. Linking Supplier Quotations to Purchase Orders

Once a Supplier Quotation is approved, you can convert it into a Purchase Order. This ensures that the terms and conditions agreed upon in the quotation are carried forward to the purchase.

Steps to Convert a Supplier Quotation to a Purchase Order:

1. Open the Supplier Quotation:

• Go to Home > Buying > Supplier Quotation.

• Open the approved Supplier Quotation.

2. Create Purchase Order:

• Click on Create > Purchase Order.

• The details from the Supplier Quotation will be auto-populated in the Purchase Order.

3. Review and Submit:

• Review the Purchase Order for accuracy.

• Click Save and Submit to finalize the order.

5. Key Benefits of Using Supplier Quotations in iVendNext

• Price Comparison: Easily compare quotes from multiple suppliers to get the best deal.

• Audit Trail: Maintain a record of all quotations for future reference and audits.

• Streamlined Procurement: Automate the process of converting quotations to purchase orders, reducing manual effort.

• Accurate Cost Tracking: Capture all taxes and charges to ensure accurate cost tracking and budgeting.

6. Best Practices for Managing Supplier Quotations

• Regular Updates: Keep the Supplier Master updated with the latest contact details and terms.

• Standardize Terms: Use templates for terms and conditions to ensure consistency across quotations.

• Track Expiry Dates: Monitor the validity of quotations to avoid using outdated prices.

• Leverage Automation: Use iVendNext’s automation features to streamline the creation and approval of Supplier Quotations.

7. Conclusion

Supplier Quotations are a vital part of the procurement process in iVendNext. By understanding how to create, manage, and link them to other transactions, businesses can ensure they are getting the best value from their suppliers while maintaining a clear audit trail. Whether you are creating a quotation manually or from a Material Request, iVendNext provides the tools you need to streamline the process and make informed purchasing decisions.