What is quote status in SAP FS-QUO - SAP Quotation Management?

SAP Term: quote status

• Component: FS-QUO

• Component Name: SAP Quotation Management

• Description: The stage a quote is in during the quote process workflow such as: ‘Created’, ‘Accepted’, ‘Referred’, ‘Declined' not taken.

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• Key Concepts: 
  Quote status is a feature of the FS-QUO SAP Quotation Management component. It is used to track the progress of a quotation from the time it is created until it is accepted or rejected. The quote status can be set to one of several values, such as “draft”, “pending”, “approved”, or “rejected”. 
  
  How to use it: 
  When creating a quotation in FS-QUO, the user can set the quote status to “draft”. This indicates that the quotation is still being worked on and has not yet been submitted for approval. Once the quotation is ready to be submitted, the user can change the quote status to “pending”. This indicates that the quotation has been submitted and is awaiting approval. If the quotation is approved, the quote status can be changed to “approved”. If it is rejected, the quote status can be changed to “rejected”. 
  
  Tips & Tricks: 
  It is important to keep track of the quote status when creating and managing quotations in FS-QUO. This will help ensure that quotations are submitted in a timely manner and that any changes or updates are tracked properly. Additionally, setting the quote status to “pending” will alert other users that a quotation has been submitted and is awaiting approval. 
  
  Related Information: 
  For more information on using FS-QUO SAP Quotation Management, please refer to the official SAP documentation at https://help.sap.com/doc/saphelp_fsquo50/5.0/en-US/index.html