A Business cannot run solely without any support from various other companies or services. Be it small or a big million worth company, it has to deal with projects which require materials, machines, components etc. in it. All these things cannot be produced under one roof. Some of them are rented, some are purchased etc. Thus, it is essential that buying and selling of materials should be recorded for future as a reference. These logs of purchase of big units can be maintained in a standard format called as a quotation log record. The name so is because the purchase of materials from vendors is termed as quotations. Hence, a Quotation Record Log helps the sales person (usually) to keep a track of all the quotations sent to various clients for the purpose of business.
When you deal with too many clients over a period of time, it becomes little tricky to keep a record of such quotations sent to particular client. Particularly when you are in a vertical market where in the rates differ from client to client in quotations. This Quotation Record Log may assist in such kind of situation to have a quick look at the back track about the rates that were quoted to the clients for follow ups. Further, the log also proves useful in computing sales efforts, and thus helps to take decisions as per the requirements in case when sales are not as per the estimated figures. Generally, Quotation Record Log is created in MS Excel, hence it helps sales staff to have a quick look at it and also make use of it with less effort.
A Quotation Record Log is made in Excel to have a better look and also because of its flexibility along with multiple tools. The key components required to be mentioned in the record log table would be date of purchase, purchase order number, quantity of units purchased, list price at which the units are quoted for purchase, discount offered, final price of purchase (net), freight (if any), total cost, unit cost i.e. cost occurred per unit, name of the vendor from whom the material is purchased and lastly the remarks.
All these elements are to be mentioned in the same sequence one by one for convenience and better understanding. Do not forget to specify the material name, specification number, number of units purchased, description of the material in brief, and comments (if any). Also, it is better if you include a product usage table. This gives a clear idea to the reader about the product and its purpose. This table along with a small box specifying the above mentioned things can be placed above the Quotation Record Log table.
Thus, a Quotation Record Log can be easily printed which can be very helpful to track products, their identification and serial, numbers (codes), the vendors, amounts or the quantity, price, and cost of the material. It is mainly used in warehouse and companies that primarily focus on exports and imports of material or goods.
