A "purchase quote" is like a shopping list provided by a seller to a potential buyer, detailing the cost, quantity, delivery time, and payment options; once accepted, it can be converted into a purchase order to solidify the agreement between the parties.

A "purchase quote" is like a shopping list provided by a seller to a potential buyer. It tells you how much something costs, when you can get it, and how you can pay for it.

Think of it as a roadmap for buying something, showing all the important details like price, quantity, delivery time, and payment options. You'd create a purchase quote to request a quote from a vendor.

When you've accepted the vendor's offer, you convert the purchase quote to a purchase order, which solidifies the agreement and sets the wheels in motion for the transaction. It's handy for both parties to know what they're agreeing to before making a purchase.