Request a quote

A request for quote (RFQ) asks vendors what they'd charge for the goods on an approved requisition. You record each vendor's prices as they come in, compare them side by side, award the best one and make the purchase order from it.

A request for quote is optional. If you already know who you're buying from, go straight to a purchase order.

Steps

1. Open Purchases › Procurement › Request for Quote

   In the menu on the left, select Purchases, then Procurement, then Request for Quote. Select New RFQ.

   

   1. Request for Quote in the Procurement menu.
   2. New RFQ starts a new request.
   3. Status (for example Sent to vendors or Converted to purchase order) and Approval Status.
   4. The actions menu (⋮) on each request.
2. Choose the requisition, the vendors and the dates

   

   1. Requisition ID: the approved requisition you want prices for. Required. Only approved requisitions are listed. Its lines are copied into the table below.
   2. Vendor: the vendors to ask. Required to send. In the Select Vendors window, tick each vendor, then select Select Vendors.
   3. Date: the date of the request. It starts on today.
   4. Expected Response Date: when you want the quotes back.
   5. Response Time: the time on that day.
   6. The lines: check each Product/Service, Required Qty, UoM and Estimated Unit Price. Estimated Line Total works itself out. Use the delete button in Actions to drop a line you don't need prices for.
   7. Description / Justification comes from the requisition.
3. Save it, or send it to the vendors

   

   1. Save as Draft keeps it so you can finish later. You'll see Request for Quote saved as draft.
   2. Send to Vendor(s) sends it.

   When you select Send to Vendor(s), the Confirm Send to Vendor window lists the vendors it will go to. Check them, then select Confirm & Send. You'll see Request for Quote sent to vendors. Each vendor with an email address gets the request by email.

   

   1. The vendors the request goes to.
   2. Confirm & Send.
4. Record each vendor's quote

   When a vendor replies, open the request: in its actions menu (⋮), select View. At the bottom, Supplier quotes has a column for each vendor you asked. Select Record quote under the vendor.

   

   1. One column per vendor. The lowest price on each line, and the lowest total, is marked Lowest.
   2. Record quote (or Edit quote once there is one).

   In the Quote from … window:

   

   1. Currency: the currency the vendor quoted in, and its Exchange rate to NGN (your base currency). Leave the base currency if they quoted in naira.
   2. Valid until: when the quote expires. An expired quote can't be awarded.
   3. Each line's Unit price, Quantity, Lead time (days) and Notes. Leave the price empty for a line the vendor didn't quote.
   4. Notes: terms, delivery or exclusions. You can also attach the vendor's Quote document.
   5. Save quote. You'll see Quote saved.
5. Award the best quote and make the purchase order

   Once a vendor has quoted every line, Award appears under their column. Select it. In the Award to … window, add a reason (it's required if the quote isn't the lowest), then select Award.

   The panel then shows Awarded to …. Select Create purchase order. You'll see Purchase order created at the awarded supplier's prices. The new order is a draft: open it under Procurement › Purchase Order, check it, and send it for approval.

   You can also use Convert to PO in the request's actions menu (⋮). In the Convert RFQ … to PO window, choose the vendor (an awarded request uses the awarded vendor), then select Convert to PO.

   

   1. View opens the request with its supplier quotes.
   2. Convert to PO makes the purchase order.

What happens next

The request's status becomes Converted to purchase order. A request for quote never posts to your ledger.

Next: create a purchase order, then approve it.

If something goes wrong

Message	What to do
Please select a requisition ID	Choose an approved requisition. If it isn't in the list, it hasn't been approved yet.
Please select at least one vendor	Choose at least one vendor in Vendor.
Please add at least one item	Keep at least one line with a product and a quantity.
Only approved RFQs can be sent to vendors.	The request is waiting for approval. Send it once it's approved.
Quotes can be recorded once the RFQ is approved.	Wait for the approval, then record the quotes.
Enter the quote currency's exchange rate to the base currency.	Fill in the exchange rate for a quote in another currency.
Give a reason for awarding to a supplier whose quote is not the lowest.	Type a Reason in the Award to … window.