How to create and approve purchase quotes?

Peakflo makes it easier to process procurement to payment as you can now create and approve purchase quotes in one dashboard.

By default, Peakflo already assigns a workflow for purchase orders, which you can find in AP Approval Workflows under settings.

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You can either edit the existing one or create a new workflow based on your customization.

For a full procurement flow walkthrough, check out our video:

If you're looking for more details, let’s go into the step-by-step guide to creating a purchase quote.

How to create purchase quotes?

Follow the step-by-step guide below to create a purchase quote.

Keep in mind that some fields are only accessible for certain roles.
For instance:

Employees can be responsible for adding details of PO.
Bill creators can always return the bill to draft and modify them before payment is made.
Accountants or tax checkers are responsible for other crucial information such as the mapping of taxes and chart of accounts to the POs.
Admins have access to all fields including the approval policies.

Go to Purchase Orders under the Payables tab
Click the blue Add New button at the top right to generate a purchase quote
Make sure to fill in the details for Order Info.
1. Enter the PQ and PO number. Click on 'Generate' to auto-generate the numbers.
2. Select the issue date, due date, and receipt date.
3. Choose the approval policy according to the workflow you want to apply to the purchase quote.
4. Select the requester.
5. Fill in the vendor details, such as the vendor name, email, and account number.
  NOTE: If you're an employee submitting reimbursements, this field is not mandatory to fill. After the review and approval of the purchase request, the procurement team can get necessary quotations from various vendors and go back to the PQ to add the details.
6. Fill in the custom fields if necessary. You can edit the custom fields according to your needs.
7. Enter the amount and select the right currency. Tick in the “Automatically send to the vendor after full approval” checkbox if needed.
8. Add any withholding taxes if you end up deducting when paying your vendor.
9. Optionally, you can fill in the delivery notes, select the delivery to add, or even add an extra note.
10. Do not forget to add the Line Items as well. Either choose from the catalog in the dropdown or create a new item. A popup will appear where you'll need to specify the item you're adding by filling in the empty fields. Add tax if applicable and enable discounts by clicking on the toggle.
  
  Note that you can import all charts of accounts from your accounting software to Peakflo — explore our Integrations page for more information.
11. Apply any withholding taxes and other types of taxes — from VAT to PPN.
12. Attach any supporting files, from an excel template to images.
13. Once done, hit Save.
The system will automatically generate a purchase quote and send it to the approver(s) in PDF format via email.

If you’re more of a visual person, check out the rundown below for the tutorial.

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How to approve purchase quotes?

As an approver, you can track all the incoming purchase quotes in the Purchase quotes tab under the Payables tab.

Under the Pending approval tab, you can see the details (and edit them if required) and the purchase order balance.

Pending-approval-PQ-PO

PRO TIP:

If you're the PQ creator or approver, you can always write a comment on the purchase quote for any internal communications.

In the same tab, just click on the PQ you'd like to write a comment on.

Then, head to Timeline and underneath you'll see the Write Comment button. Click on it, and you can write any comment there.

Do not forget to:

Check your WhatsApp and see if you've received any notifications regarding the PQ. You can even approve on the fly!
Check your inbox and see if you’ve received an email regarding the PQs waiting for your approval.

email-approval-PQ-PO

The email will show the vendor's name, purchase order number, amount, and other details.

Hit Approve if you wish to proceed.

Once approved, the purchase orders will appear as a balance in the Approved-open section. The purchase order will move to the Approved-close section once the balance has reached zero.

You can keep track of all the approved purchase quotes in My Approvals.

You can also communicate with the vendors directly when a PO is approved. Please contact help@peakflo.co or your Peakflo partner to enable this today!