Monday, 26 February 2018 12:00

Keep Your Quotations within QuickBooks and Improve Customer Relationship

For small businesses, QuickBooks serves as an integrated program that issues quotations, converts to invoices, and records customer payments all within the software. In this way, you maintain a history of your major transactions with each customer in a single place and can respond to any enquiry better. Let's explore quotations in QuickBooks (known as "estimates") further.
From estimates (quotation) to cash in QuickBooks
Strictly speaking, an estimate is a price guide while a quotation usually indicates a fixed price under certain specifications. For you, however, it doesn't matter because QuickBooks lets you customise and label this document as estimate, quotation, proposal, or any other description suitable for your business. In addition, you're free to create and use different formats (called "templates") for different situations.
We'll use the term "estimate" from now on as this is QuickBooks' terminology. 
To access the estimate screen, click the "Estimates" icon at the Home Page. You can then prepare an estimate in the same way that you raise an invoice: 
Create estimate (quotation) in QuickBooks
However, an estimate differs from an invoice in that it is non-posting, i.e., no accounting entries posted. In other words, you can prepare multiple estimates to meet your customer's requests and not affect your accounts at all. 
What's more, when the customer confirms an estimate, you can convert it into an invoice without having to type the details all over. 
Here's how you do it.
Two Ways to Convert an Estimate to Invoice
(A) START FROM ESTIMATE: Click on the Create Invoice icon at the top toolbar: 
From estimate: Converted to invoice
QuickBooks then auto-copies all the details of the estimate onto an invoice:From estimate: Converted to invoice
Make any changes to the invoice and save it.
(B) START WITH INVOICE: When you enter the name of a customer with active estimate(s), QuickBooks automatically provides a list of existing estimates to ask whether you would like to auto-copy the details from any one of them.
From invoice: Convert from estimate
When you do that, QuickBooks auto-copies all the details of that estimate onto an invoice.
Again, make any changes and save the invoice thus created. 
What Happens to Estimates That Are Already Confirmed or Rejected? 
In the newer versions, you can pre-set to automatically close estimates after they've been converted to invoice as illustrated earlier. 
Close estimate after converting to invoice
Otherwise, you'll have to mark an estimate inactive manually on the estimate itself (from the top toolbar) as follows:
Mark estimate active or inactive
Are you still using MS Word or Excel to prepare quotations to customers? Keep your quotations within QuickBooks today to save time and help you interact with customers better. 
Should you need help in exploring whether QuickBooks is suitable for your business, talk to us at +65 6254 2322 or email This email address is being protected from spambots. You need JavaScript enabled to view it. .