Creating An Estimate In NetSuite

Posted by CuriousRubik on 07 Jun, 2018

Estimate can also be known as Quote, it include items proposed for customer purchase, along with price levels, probabilities closing & expiration dates. Estimates can be linked to opportunity record & later can be converted to sales orders.

Before creating estimate we must enable Estimates feature in NetSuite.

Go to Setup > Company > Enable Features On the Transactions subtab, check the Estimates box and Save.

To create an Estimates

Go to Transactions > Sales > Prepare Estimates

Under Primary Information:

Estimate

  • In estimate field netsuite generates a estimate number for this estimate on save of  the record.
  • In  customer field select a customer or prospect for whom we are creating estimate.
  • In expires field enter the expiry date for that particular estimate.
  • By default NetSuite provide today's date for the posting date of this estimate if we want to change the date select a date required.

In status field select a status for this estimate it appears in the probability field based on the status selected.

If you select status as proposal, the probability is automatically set to 50.0%

If we want to create new status of estimates

       Go to Setup > Sales > Sales Preferences under general tab we can select a new status in the  prospect status estimate field.

To change the default probability status

Go to Setup > Sales > Customer Statuses & click the status if you want to change.

In the expected close field enter the date you are expecting this estimate to close.

Sales Information:

  • Select the sales rep in the Sales Rep field. By default NetSuite defaults the sales representative associated with this customer record,but we can change if required.
  • In this  Opportunity field, select the opportunity for which we are creating this estimate     
  • If we check Include in forecast  checkbox to include this estimate in your sales forecast,It appears if the probability exceeds the minimum forecast probability to change the minimum forecast probability.

                  Go to Setup > Sales > Sales Preferences under Forecasts subtab.

  • In the lead source field select the lead source you want to associate with this estimate.

                  If we want to change the default lead source on Sales Transactions preference

                  Go to Setup > Marketing > Marketing Preferences under general subtab.

  • If there is partner for this customer then select the partner in partner field to associate with this estimate.

Under Classification:

  • By default customer subsidiary is set as defaulted in subsidiary field.
  • If we want to tag this estimate to an department then select department from department field.

                If we want to add new department then we need to create that first in system.

                To create a new department, Go to Setup >Company>Departments >New.

  • If we want to tag this estimate to an class then select class from class field.

               If we want to add new class then we need to create that first in system.

               To create a new class , Go to Setup >Company>Classes >New.

  • If we want to tag this estimate to an location then select location from location field.

              If we want to add new location then we need to create that first in system.

             To create a new location, Go to Setup >Company>location >New.

  • In items subtab if we check enable item line shipping then shipping amount must be calculated under shipping tab shipment.

Shipment

  • If we select a discount item for this estimate rate can be calculated based on discount item field. Leave this field blank if you do not want to apply a discount to this transaction.
  • To create new discount items

           Go to Lists > Web Site > Items > New. On the New Item page, open Discount item.

Discount-for-purchage

  • In the Item column, select the items the customer is interested in, and enter the quantity and other information for this item and click add.

Enable

  • Accounting: Under accounting subtab set currency,exchange rate is provided if the transaction is not in base currency.
  • Relationships: Under Relationships subtab select contact name in the Contact field whom you want to associate with this opportunity.
  • Communications: You can attach tasks or files and any events or phone calls associated with customer or contact regarding that opportunity can be attached under communications subtab.

Topics: CRM, NetSuite, netsuite technical blog

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