Many businesses submit quotations in the hope of attracting new business. When the customer accepts the quotation, you will convert it to a Sales Order or an Invoice.

When you create a quotation in Sage 50 Accounts Professional it is given a status of Open. From this point it may become:

• Won - A quotation automatically becomes Won when you convert it to an order or invoice.
  
  
• Lost - A quotation becomes Lost when you amend it and mark it as such. The status of a Lost quotation can be amended to make it Open again.
  
  
• Expired - A quotation automatically becomes Expired after it has been Open for a time-out period longer than you specify on the record. An expired quotation can become Open again, if you amend the expiry date.