RisingERP - Supplier Quotation

Supplier Quotation

A Supplier Quotation is a document provided by a potential supplier detailing the cost of goods or services they intend to offer within a specified period. It may also include terms of sale, payment conditions, and warranties. Acceptance of a quotation by the buyer establishes a binding agreement between both parties.

Buying Flow

To access Supplier Quotations, navigate to: > Home > Procurement > Purchasing > Supplier Quotations

1. Prerequisites Before creating and utilizing a Supplier Quotation, it is recommended to first create the following:

1. Supplier
2. Item

2. Creating a Supplier Quotation

2.1 Supplier Quotation from Requisition You can generate a supplier quotation directly from a Requisition: Supplier Quotation from Material Receipt

Alternatively:

1. A Supplier Quotation can be created from a Supplier master.

Or:

1. The supplier can submit a quotation via RERP. For more details, refer to the Request for Quotation page.

2.2 Manual Creation of Supplier Quotation You can also create a Supplier Quotation directly from:

Procurement > Purchasing > Supplier Quotation > New.

1. Select the Supplier who sent the quotation.
2. The Address and Contact details will be automatically fetched if saved in the supplier master.
3. Enter the Item code and specify the quantity. The rate will be retrieved if you've set the Standard Buying rate for the item in Item Price.

If you have multiple suppliers providing the same item, sending out a Request for Quotation to various suppliers is a common practice. This helps:

1. Facilitate easy price comparison in the future.
2. Ensure all suppliers have an opportunity to quote.

Supplier Quotations might not be necessary for all businesses, particularly small ones. Evaluate the cost of collecting information against the value it provides. It is often recommended for high-value items.

3. Features

3.1 Taxes and Charges If your supplier imposes additional taxes or charges, such as shipping or insurance, you can specify them here. This ensures accurate cost tracking. Include these charges in the Taxes table if they contribute to the product's value. Tax templates can also be utilized; for more details, refer to the Purchase Taxes and Charges Template.

3.2 Additional Fields Key fields include Tax Category, Shipping Rule, Purchase Taxes and Charges Template, Discount, Terms and Conditions, Quotation Number, and Printing Settings. These details are sourced from your supplier for accurate record-keeping.

1. Tax Category is fetched from the supplier master if set.
2. Print settings allow modifications to the supplier quotation print.
3. Terms and Conditions reflect those provided by your supplier.
4. The Supplier Quotation can be linked to a Requisition using the 'Link to requisition' button.

3.3 After Submission Upon submitting a Supplier Quotation, the following records can be generated:

1. Purchase Order: If you agree with the supplier's quotation.
2. Quotation: A quotation for your customer.
3. Auto Repeat: Automate the repetition of the supplier quotation at specified intervals.