Introduction/Purpose: 

A Quotation is a formal document issued by the Procurement officer in order to obtain pricing information from possible vendors. It assists the user in explaining their requirements and obtaining accurate cost estimates. Before purchase approval, the Quotation enables for comparison of different vendor offerings, appraisal of suitability, and informed decision-making.

Dependency:

• Quotation Requests: The procurement officer requested a quotation in response to their requests. The user may respond to the procurement officer’s quotation once it has been prepared.

• Payment term: “Payment term” refers to the precise terms and schedule under which a buyer or organization is expected to make a payment in order to complete their financial commitments with a supplier or vendor. It allows users to decide whether the suggested terms are compatible with their financial demands and business practices.

• Security term: A procurement proposal/quotation for products would often include specific terms and clauses relating to security. A framework that guarantees the integrity of the transaction and reduces potential risks must be established, and that requires the security term.

Process flow:

How To Navigate: 

The navigation includes the following steps for viewing the quotation requests received from the ProcurementOfficer:

• Click on the Quotation Tab: The quotation listing can be viewed by clicking the quotation tab, which is located on the top menu. 

Listing: 

Quotation Request Listing is a feature in a vendor procurement system that displays a list of all quotation requests received by that user. 

• Users can view the following information on the quotation request listing page.
  • Quotation request and the version number 
  • Initiation and closure date 
  • Security term information 
  • Subject and the response request code 
  • Proposed amount and status 
  • Action (view/record)

Clickable Action:

Click on Add my response: 

This option allows the user to respond to the quotation initiated by the Procurement officer.In the add my response page user needs to provide the following information in order to respond to the quotation sent by the procurement officer 

• Unit rate: The unit rate is the price for one item that is used to determine the total cost in procurement when multiplied by the quantity required.

• Tax calc: Tax calculation in procurement means determining whether taxes are included, excluded, or not applicable in the quotation. 

• Tax group: The tax group is chosen by the vendor when responding to a quotation, and it specifies the relevant tax rate for the goods. This selection offers various options, including different VAT percentages (e.g., 0%, 10%, 15%), which directly influence the total price of the goods stated in the quotation.

• Bank security: If the quotation from the procurement officer specifies bank security, users can include bank security. To ensure there are sufficient funds available in case any problems arise later, the bank sets aside a particular amount of money. 

• Add items: Users can add more items to the existing quotation as needed. By performing this operation, a new row is created, allowing users to choose objects and enter the relevant information for each new entry.