- 20 Apr 2021
- 8 Minutes to read
- Updated on 20 Apr 2021
- 8 Minutes to read
The Quote Table is a part of your document where you can add products and services you’d like to quote for your customer and price them as needed. If you’re working on a quote, drag and drop the Quote Table on to the document. A Quote Table tab is displayed adjacent to the document tab. A quote table also will be created within the document by default.
The quote table will be displayed within the document.
- Click Add/modify products.
You will be taken to the Quote Table tab,
Select a price book from the right pane to add your products to the quote table.
The product and price window is displayed. From the product catalog window, select the products you want to add to your deal table.
Once you mark and select your products, click Add to quote table. You can select multiple products to add to your deal table. The products are added and the deal table gets created. You can edit these fields as per your requirement. The deal table that you created will be added to the document (will be appended towards the end of the document).
You have successfully created a quote. Now, you can move your quote to the next stage, probably for internal approval.
- Get creative with discounts using five types of discounting options
- Group products by category, type, and family and price them accordingly
- Limit product and price attributes visibility and editability
- Automatic price approval triggers to avoid underpricing, overpricing and bottlenecks.
- Quotes with multiple price dimensions in the same product line.
⚒️ Let’s break it down
Every Quote Table has the following elements you need to know about before you start adding products and pricing them.
Document Overview Bar
Quote Table Workspace
Quote Table Attributes
4.1 Product Name
4.2 Product Description
4.3 SKU Code
4.4 Product Code
4.5 Base Price
4.6 SKU Quantity
4.7 SKU UoM
4.9 Quantity UoM
4.10 Selling Term
4.11 Selling Term UoM
4.12 Extended Base Price
4.13 Discount Percentage
4.14 Discounted Price
4.15 Additional discount
4.16 Net Price
4.17 Start Date
4.18 End Date
4.19 Billing Frequency
4.20 Max Usage
4.21 Max Usage UoM
Notes and collaboration
1. Document Overview Bar
This the bar at the top of your screen that gives you an overview with details such as document name, type, creation date, opportunity name, etc.
2. Quote Table Workspace
The Quote Table workspace is a network of columns and rows similar to that of a spreadsheet but without the complicated macros and loading time. The column headers are Attributes, the corresponding values of which get pre-populated once a product is added. Each product added to the Quote Table appears as a line item (a row). Only the fields that appear in green are editable while the others are read-only.
3. Price Catalog
The Price Catalog is the list of products available for selling from the price book you chose to create the document. You can search for the product by their name, SKU code or description. You can filter them by Product Type or Product Configuration Type or both to narrow your search. You can view the Quote Table and the Price Catalog simultaneously and hide Price Catalog for a full view of the Quote Table by clicking on its icon in the right pane.
4. Quote Table Attributes
The Quote Table Attributes are the column headers that appear in the Quote Table. Only some Attribute fields are editable by default. All editable fields are highlighted in green. The visibility and editability of these attributes may vary from company to company and depends on how your company or Sales Ops has customized Revv for your use.
4.1 Product Name
The product name field displays the name of the product. It gets populated from the product catalog.
4.2 Product Code,
This field displays the product code. The field gets populated from the product catalog.
4.3 SKU Code
Depending on the product you choose, the SKU code field gets populated with data from the product catalog.
Head here, to read about Product Catalog Attributes. To know more about them, click here.
4.4 Base Price
The Base Price refers to the average unit price of the product. For Flat priced and Bundle priced products, the base price is directly displayed in the field.
Note : For Volume, Tier and Stair-Step priced products, the base price depends on the quantity. You have to go choose the quantity in order for the system to calculate the base price.
For Ad-hoc SKU’s, the base price is $0 since the Effort for the Resources needs to be entered in order to calculate the Base Price.
4.5 SKU Quantity & 4.7 SKU UoM
SKU Quantity is the quantity of your SKU (or product) and is measured in the SKU’s unit of measurement (SKU UoM). SKU UoM is a price dimension for your product. If the product only has one price dimension besides the Selling Term UoM but has Tier, Volume, Stair-Step or Bundle price option, the SKU UoM is usually called ‘Pack” and cannot be edited. That is, SKU Quantity cannot be edited and only Quantity can be edited.
4.6 Quantity & 4.9 Quantity UoM
Quantity is also an editable field where you can enter the quantity of your product. This Quantity is measured in the Quantity UoM. If the product is Flat priced and has only one price dimension besides the Selling Term UoM, the Quantity UoM will be empty and Quantity cannot be edited. You can modify quantity in SKU Quantity field.
Revv can accommodate upto 3 price dimensions . Price dimensions simply are the units of measurement that appear with your product. Consider a product called Silver Lining, a software license subscription with a monthly price of $10 per license per month. Here, “license” and “month” are the price dimensions where “month” is the Selling Term UoM and “license” is the SKU UoM. Consider another product, Cloud Burst, a cloud computing platform charged as $0.25 per hour per instance per month. Here, you have two price dimensions for quantity “hour” and “instance” besides the Selling Term UoM being “month”. To put a price to this SKU, you can either modify the number of hours or the number of instances or both, depending on the requirement. For Silver Lining, the SKU UoM is Licence and there is not Quantity UoM. For Cloud Burst, the SKU UoM is Hour and Quantity UoM is Instance. In the Quote Table it will look something like this
4.7 Selling Term & 4.11 Selling Term UoM
The Selling Term is the duration for which you want to sell or quote the product for. The Selling Term in measured in Selling Term UoM.
4.8 Extended Base Price
It is the total price of the product for the duration and quantity you have entered excluding any discount. This is the computed price that includes the SKU Quantity, Quantity and Selling Term.
4.9 Discount Percentage
You can enter the discount for the product line item in percentage. This discount is calculated on the Extended Base Price.
4.10 Discounted Price
This is the calculated total price for the product line item after applying the discount.
4.11 Additional discount
You can give a further discount to the already discounted price of the product line item by entering a value here in percentage.
❗ Note that the Additional Discount is calculated on the Discounted Price and not the Extended Base Price.
4.12 Net Price
This is the Net Price calculated after deducting all discounts.
4.13 Start Date & 4.18 End Date
The Start Date signifies the date from which the product is available for use to the customer. The End Date signifies the end of this duration. The End Date is calculated based on the Selling Term.
❗Use these dates to capture the duration of services such as Setup, Maintenance, Implementation or Post Implementation for easier billing, tracking and transparency.
4.14 Billing Frequency
This value signifies how frequently the invoice will be generated. Although there is a provision to enter a different Billing Frequency for every line item, it’s usually the same for all of them.
4.15 Max Usage & 4.21 Max Usage UoM
For usage based products, the max usage signifies the maximum usage allowed. This is useful at the time of billing.
The Quote Table has an option to segregate the products that you have added into groups. You can either Group them by Product Type, Charge Type or Product Family. You can use this option to provide group discounts rather than individual discounts at the line level. You may also want to present your customer a grouped view of the product mix quoted, for a more professional appearance and show discounts.
6. Discount Types
Revv has 4 types of discounts to help you get more creative with your quotes. You can choose to provide one or more than one type of discount depending on your requirements.
Line Item Discount: This the the basic discount that you can offer on a line item level and corresponds to the column Discount Percentage. This discount is calculated over the Extended Base Price.
Additional Line Item Discount: If you’d like to give a further discount to an already discounted line item, you can use the corresponding Additional Discount field. This discount is calculated on the Discounted Price for that line item.
Group Discount: This discount type is used on a Group Level. If you’d like to give discount to an entire group rather than on individual line items, simply group the quote table and apply a Group Discount. It is applied on the Group Total, which is the total of the Net Price of the items in that group.
Quote Discount: This discount type is for the entire quote and is applied on the Quote Total. The Quote Total is the total of Net Price of all the items in the deal table. If you’ve applied a Group Discount, then the Quote Total is the sum-total of all groups , inclusive of the group discount.
7. Notes and collaboration
The Notes feature lets you add comments, suggestions, text annotations and tag your team members using @mentions. You can browse files with each note if you need any reference material. Notes let you create a collaborative workspace for a document so that your team is literally on the same page! Anyone who has access to the document either by @Mentions or addition as a Co-Author can add notes. Notes are threaded and can be deleted by the note owner only. All comments sent and received during the approval process also get added as notes so that you never lose context.
You can look at all collaborators in the Collaborators tab. Here’s how you can create a note.
Click Notes on the right pane of the document.
On the Notes pane, click + icon (Add New Note).
Use @ to mention someone from your organization. (when you enter @, all the current users will get listed. You can select the user whom you are addressing.
Once you’re done creating the deal financials, you’ll need to Analyze the Quote Table to check if an approval workflow has been triggered. You can send the document for approval or reviewal.