This chapter covers the following topics:
A quick quote is a type of lease sales quote generated with less specific data than a standard lease quote. Quick quotes are standalone quotes you can use to estimate pricing for leads based on existing pricing policies. Pricing for quick quotes is calculated based on item categories. Quick quotes do not require you to identify a prospect.
Completed quick quotes can be converted into lease opportunities and estimates, which do require prospects.
An existing quick quote can be duplicated to create a new one.
From the quick quote summary, you can select up to three quick quotes at the same time to compare results.
Quick Quotes are created in the Quote Details page by completing the following tasks.
Enter Quote Details
Enter Order Estimate
Enter Pricing Options
View Quote Results
You can add estimated fees, services, taxes, and insurance when creating a quick quote to more accurately match estimated pricing scenarios.
The following table describes the Quote Details page.
| Field | Description |
|---|---|
| Operating Unit | Operating unit assigned to the record.
Note: The list of values includes operating units assigned to the MO: Security profile. Additional Information: The application displays the selected operating unit as the default in the subsequent pages irrespective of the value that you set for the MO: Default Operating Unit profile option. The selected operating unit restricts the valid list of values in applicable fields. |
| Quote Number | Oracle Lease and Finance Management defaults a quote number based on the database sequence. You can override the defaulted number. No quote number can be used twice for different quick quotes. |
| Description | Describes quick quote. Up to 240 characters. |
| Expected Start Date | Defaults to the truncated Oracle Lease and Finance Management system date. |
| Vendor Program | List of values showing non-template program agreements that are activated on the expected start date entered for the quote. The list of values is filtered based on eligibility criteria associated to the vendor program agreement. The vendor program selected may impact what item categories you can select and what options are available for pricing. |
| Currency | Defaults to your ledger currency. The currency selected may impact what options are available for pricing. |
| Pricing Method | List of values includes Rate Card, Solve for Financed Amount, Solve for Payment, Solve for Subsidy, Solve for Yield, and Target Rate. Only one pricing method can be selected. The pricing method determines what values you must enter on the quote and what values will be calculated during pricing. |
| End of Term Option | Displays end of term options active on the start date entered. If a selected vendor program has associated end of term options, they will appear in the list of values. A start date must have been entered before end of term options can appear. The option you select will be used to determine the end of term value for each item category. |
| Term | The term of the contract in months. Must be a whole number greater than zero. |
After entering quick quote details, you enter an order estimate by selecting inventory item categories that have been set up in Oracle Inventory.
The following table describes Item Category page details.
| Field | Description |
|---|---|
| Item Category | Displays item categories in Oracle Inventory that are associated to the setup of the Leasing Item Category Set in the Quoting System Options page. If the profile option OKL: End of Term Values Access Level is set to None, the list of values shows only item categories that have a value set up on the End of Term Option selected for the quote. The matching value would be determined based on the combination of End of Term Option, Term, and Item Category. |
| Description | Read only item category description, as set up in Oracle Inventory. |
| Cost | The Item Category Cost of assets. Entered for all pricing methods other than Solve for Financed Amount, for which the column title changes from Cost to Percentage Total Cost. The Percentage of Total Cost for all categories must equal 100. The financed amount calculated is distributed to each category based on the specified percentage. |
| End of Term Amount | Read only. Displays only if the profile option OKL: End of Term Values Access Level is set to View or Update. Oracle Lease and Finance Management determines the End of Term value for each item category based on the combination of End of Term Option, Term, and Item Category selected. |
| End of Term Override Amount | Displays if the profile option OKL: End of Term Values Access Level is set to Update. You specify the end of term value to use in pricing calculations rather than the look up value. |
After entering the order estimate, you enter pricing details for your quick quote. Entering pricing details includes the following tasks:
Select Financing Adjustments
Add Fees and Services
Select Pricing Option
Financing adjustments are optional. Financing adjustments reduce the total amount financed on the quote. Oracle Lease and Finance Management allows the following three types of financing cost adjustments: Subsidy, Trade In, and Down Payment. On Quick Quotes, you can specify these adjustments at the quote level.
Select the adjustment type and enter the adjustment amount. Also select a basis for the value, specifically whether it is an absolute amount or whether it is a percentage of the total estimated asset cost.
You can enter multiple subsides, but only one amount for a trade in or down payment.
Adding fees and services to a quick quote is optional. The amounts are estimated and you do not need to select a specific fee or service type, only the general type of fee or service. Oracle Lease and Finance Management allows the following fee and service types: Fee, Fee Payment, Service, Tax, and Insurance. Specify the basis value and basis type.
Select the pricing option for your Quick Quote. Pricing options available are dependent on setups and the pricing method you select. For example, you will see rate card options in the list only if rate cards have been set up with lease rate factors and you select rate card pricing method. Click Next to initiate pricing. Oracle Lease and Finance Management performs validations on each quote to ensure the required quote pricing data is included. If pricing data is missing from a quote, Oracle Lease and Finance Management will indicate what is missing.
For information on pricing, see Pricing Overview.
Once pricing is completed, results are displayed in the Quick Quotes: Results page. Results include all previously entered data, the key pricing result, rent and non-rent payments, yields, and subsidized yields.
Pricing results are dependent on the pricing method used. The following table shows what key pricing results are generated by each pricing method.
| Pricing Method | Key Pricing Result |
|---|---|
| Solve for Financed Amount | Total financed amount. If the quick quote contains more than one order estimate line, results will show a breakdown of the total financed amount for each line based on the percent of total cost for each category. |
| Solve for Payment | Rent payments |
| Solve for Subsidy | Total subsidy amount |
| Solve for Yields | Yields and subsidized yields |
| Target Rate | Rent payments |
| Rate Card | Rent payment per order estimate line. If authorized in the appropriate user profile option, you will also see the lease rate factor used to determine the rent payment. |
You can search for quick quotes in the Quick Quotes: Search page by entering data for one or more of the following fields: Quote Number, Quote Description, Contract Start Date, Quote Creation Date, or Vendor Program Number. The search covers data created in your operating unit and inventory organization.
Quick Quotes can be updated to meet the needs of prospects. In the Quick Quotes: Results page, you can save the current quick quote and start a new one. The only detail that cannot be changed when updating a quick quote is the Quote Number.
You can compare up to three quick quotes by selecting the quotes from the search results page and clicking Compare. Details compared include Quote Number, Expected Start Date, Term, Total Cost, Total Financed Amount, Purchase Option Type, Pricing Option, and others. You can also compare asset configurations and payments by expanding those regions. Payment comparisons are limited to payment levels and not payment schedules with individual payment due dates.
When you have completed a quick quote, you can use it to create a new lease opportunity. Enter data for all required fields for a new lease opportunity. You can copy quick quote details to the lease opportunity and add new details. A converted quick quote will appear as an estimate with the lease opportunity. Once converted, the quick quote will no longer appear in the results for quick quote searches.
You can convert a quick quote into a lease opportunity from the Quick Quotes: Search page, or as the final step in the quick quote process. Click Convert to Opportunity and quick quote details will default to the Create Lease Opportunity page.
A lease opportunity allows you to associate multiple quotes and estimates to a single expected transaction. The opportunity enables you to price multiple scenarios, but manage the sales status for a single deal. Only one lease quote can be accepted by the customer for each lease opportunity.
Lease opportunities have three possible statuses:
Incomplete - does not contain any completed and priced quotes
Complete - contains at lease one completed and priced quote, but does not contain an Accepted quote.
Accepted - contains an Accepted quote.
You can search for a lease opportunity by Number, Description, Prospect, Vendor Program Number, Contract Expected Start Date, and Status in the Lease Opportunities: Search page. Searches are limited to the opportunities' operating unit and inventory organization.
You can create a lease opportunity by entering the details in the Create Lease Opportunity page. The following table describes Lease Opportunity details.
| Field | Description |
|---|---|
| Operating Unit | Operating unit assigned to the record.
Note: The list of values includes operating units assigned to the MO: Security profile. Additional Information: The application displays the selected operating unit as the default in the subsequent pages irrespective of the value that you set for the MO: Default Operating Unit profile option. The selected operating unit restricts the valid list of values in applicable fields. |
| Prospect | Only active parties of the type Organization are available for selection. |
| Prospect Number | Read-only field populated upon the selection of a prospect. |
| Valid From | Defaulted date representing the earliest date that any delivery, funding, or expected start date can be on. |
| Expected Start Date | Must be after the delivery date. |
| Vendor Program | List of values showing active non-template program agreements for which the deal details meet eligibility criteria specified on the program agreement. Eligibility criteria based on configuration items or other pricing details are not used to restrict the selection of the program but are validated later by Oracle Lease and Finance Management prior to pricing. The Lease Opportunity Expected Start Date must be between the Vendor Program Effective Dates. |
| Legal Entity | Identifies the first party on the contract. This field is mandatory, if you select Upfront Tax to calculate tax. |
| Upfront Tax Treatment | Bill, Capitalize, or Finance. Determines the default method for handling any applicable taxes identified for the quotes created for the opportunity. For information on tax setups, see Tax. |
| Property Tax Applicable | Defaulted from property tax setups. Provides default values for property tax attributes for each quote created for the opportunity. Used to determine how property tax payments will be handled. |
| Supplier | List of active suppliers. Used as the default supplier for all quotes. Users can override and use other suppliers for individual fees and services during quote creation. |
| Install Site | List all active Ship To addresses for prospects. Used as default value for all quotes created for the opportunity. Asset Usage details are optional and can be used to validate item residuals during quote validation. |
| Asset Usage Category | List of usage categories that describes the usage basis on which the lessee may be using the financed equipment, for example: Hourly. |
| Asset Usage Amount | The amount of usage the lessee plans to use the financed equipment based on the usage category. This amount does not directly impact quote pricing. |
| Asset Usage Industry Class | The classification system that provides a list of industry codes to describe possible usage industries. |
| Asset Usage Industry Code | The code belonging to the selected class that describes the industry in which the lessee will be using the financed equipment. Asset Usage Industry Class must be selected first. If Asset Usage Industry Class is updated, this value is erased. |
Note: Oracle Lease and Finance Management derives the legal entity from the program agreement with the vendor for the lease opportunity that you create using Vendor Self Service.
After creating a lease opportunity, you can create an estimate. Estimates function like quick quotes in terms of their process flow and pricing features, but are initiated from the Lease Opportunity page. Estimates allow you to apply pricing policies to estimate quote pricing without having to enter details of specific asset items, fees or services. The Estimates page has a summary of existing estimates created for a Lease Opportunity. You can start the estimate process by clicking Create. The following fields cannot be updated: Expected Start Date and Vendor Program.
Estimate details can be viewed by clicking on the estimate.
A lease opportunity can be updated by clicking Update in the Lease Opportunity Details page. After a lease opportunity is created, the following fields cannot be updated: Prospect, Prospect Address, Vendor Program, Currency, Currency Conversion Factors. You cannot update the legal entity if you have activated the lease opportunity or initiated the tax calculation process before activating the lease opportunity.
You can duplicate a lease opportunity by clicking Duplicate in the Lease Opportunities: Search page. All opportunity details will default to the duplicate except the Number, which is generated anew. All estimates and lease quotes of the source lease opportunity are also duplicated, except for the following fields: Validation Results, Pricing Results, and Upfront Tax. Duplicated quotes need to be validated and priced before submitted for approval. Any lease applications attached to the lease opportunity are not duplicated.
You can cancel a lease opportunity by selecting it and clicking Cancel. A lease opportunity cannot be canceled if there are any lease applications or accepted quotes created for it. When canceled, a lease opportunity's number is available for use again on a new lease opportunity.
You can view all lease application details for a lease opportunity in the Lease Applications page, or by selecting the Lease Application in the Lease Opportunity page. Lease Application details include any credit recommendations and the lease application status.