Overview

Supplier quotations are a critical part of the procurement process, allowing businesses to compare prices, terms, and conditions from different suppliers before making purchasing decisions. In iVendNext, creating and managing supplier quotations is a streamlined process that ensures transparency and efficiency. This guide will walk you through the steps to create, manage, and optimize supplier quotations in iVendNext.

1. Introduction to Supplier Quotations

A Supplier Quotation is a formal document provided by a supplier detailing the cost of goods or services they can offer within a specified period. In iVendNext, supplier quotations can be created manually or through the Supplier Portal, where suppliers can submit their quotations directly. These quotations can include terms of sale, payment terms, and warranties, making them a binding agreement once accepted by the buyer.

2. Prerequisites for Creating Supplier Quotations

Before creating a supplier quotation, ensure that the following prerequisites are met:

• Supplier Creation: The supplier must already be created in iVendNext. If not, refer to the Understanding Suppliers in iVendNext guide to create one.

• Item Setup: The items for which you are requesting quotations must be set up in the system.

• Request for Quotation (RFQ): If using the Supplier Portal, an RFQ must be created and sent to the supplier.

3. How to Create a Supplier Quotation

3.1 Creating a Supplier Quotation Manually

1. Navigate to Supplier Quotations: Go to Home > Buying > Supplier Quotation to access the Supplier Quotation List View.

2. Click on New: Click the "New" button to create a new supplier quotation.

3. Enter Quotation Details:

• Supplier: Select the supplier who provided the quotation.

• Items: Enter the item codes, quantities, and rates. The system will auto-fetch the standard buying rate if set in the item master.

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

• Taxes and Charges: Include any additional taxes or charges such as shipping or insurance.

4. Save and Submit: Once all details are entered, click "Save" to create the quotation. You can then submit it for further processing.

3.2 Creating a Supplier Quotation from a Material Request

If you have a Material Request in the system, you can directly create a supplier quotation from it:

1. Navigate to Material Requests: Go to Home > Buying > Material Request.

2. Select the Material Request: Choose the material request for which you need a quotation.

3. Create Quotation: Click on "Create Supplier Quotation" and follow the same steps as above to enter the supplier and item details.

3.3 Creating a Supplier Quotation via the Supplier Portal

Suppliers can also create quotations directly through the Supplier Portal. Here’s how it works:

1. Create an RFQ: First, create a Request for Quotation (RFQ) in iVendNext and send it to the supplier.

2. Supplier Logs In: The supplier logs into the Supplier Portal using their credentials.

3. Submit Quotation: The supplier enters the item rates and submits the quotation. Once submitted, a Supplier Quotation (SQTN) is automatically generated in iVendNext.

4. Review and Submit: The buyer can review the quotation in the system and submit it for further processing.

4. Key Features of Supplier Quotations

4.1 Taxes and Charges

iVendNext allows you to add taxes and charges to supplier quotations, ensuring that all costs are accurately tracked. You can also use tax templates to simplify the process.

• Tax Category: The tax category will be auto-fetched from the supplier master if set.

• Shipping and Insurance: Add any additional charges such as shipping or insurance.

4.2 Terms and Conditions

You can include terms and conditions provided by the supplier in the quotation. This ensures that all contractual obligations are documented and can be referenced later.

4.3 Linking to Material Requests

Supplier quotations can be linked to Material Requests, making it easier to track the procurement process from request to quotation.

4.4 Auto-Repeat Quotations

For recurring purchases, you can set up auto-repeat quotations. This feature allows you to automatically generate quotations at specified intervals, saving time and effort.

5. Managing Supplier Quotations

5.1 Comparing Quotations

iVendNext allows you to compare quotations from different suppliers easily. This feature is particularly useful for businesses that receive multiple quotations for the same items.

5.2 Converting Quotations to Purchase Orders

Once a quotation is accepted, you can convert it directly into a Purchase Order (PO). This streamlines the procurement process and ensures that all details are carried over from the quotation to the PO.

5.3 Tracking Quotation Status

You can track the status of each quotation in the system, from Draft to Submitted and finally to Accepted or Rejected. This helps in monitoring the progress of procurement activities.

6. Best Practices for Managing Supplier Quotations

• Standardize Quotation Templates: Use standardized templates for supplier quotations to ensure consistency and completeness.

• Regularly Update Item Rates: Keep item rates up to date in the system to avoid discrepancies in quotations.

• Leverage the Supplier Portal: Encourage suppliers to use the Supplier Portal for submitting quotations, as it reduces manual data entry and errors.

• Monitor Quotation Expiry Dates: Keep track of quotation expiry dates to ensure that you are working with valid offers.

7. Conclusion

Creating and managing supplier quotations in iVendNext is a seamless process that enhances transparency and efficiency in procurement. By following the steps outlined in this guide, you can ensure that your business receives competitive quotations, tracks all relevant details, and makes informed purchasing decisions. Whether you create quotations manually or through the Supplier Portal, iVendNext provides the tools you need to manage supplier quotations effectively.