NetSuite Estimate Status : For an Informed and Effective Sales Team

An estimate is an externally facing document that outlines the expected cost of a project or sale, including materials, labor, and other expenses. The sales team will generate an estimate from the data held on an opportunity, and send it, either manually or directly through NetSuite, to the customer.

However, simply creating an estimate is not enough. You need to keep track of its progress, from creation to acceptance, to effectively manage the sale. This is where statuses come into play.

In NetSuite, estimate statuses help you keep track of where an estimate stands in the sales process. Each status represents a stage in the estimate lifecycle and provides valuable insights to sales managers and project teams, allowing them to make informed decisions about next steps.

In this article, we’ll be going through each of the available estimate statuses in NetSuite, what they mean, and how to use them effectively.

NetSuite Estimate Form with Expired Status

What are the Estimate Statuses in NetSuite?

If you’re really in to your statuses then you’re going to love the estimate record in NetSuite, because it has two!

Like every other transaction record in NetSuite the estimate shows a transaction or document status. For more accurate and precise tracking of the sales process it also has an opportunity/estimate status that is tied to a probability of winning.

We will first look at the standard transaction status that populates automatically based on various conditions.

Transaction Statuses on the NetSuite Estimate record

The standard transaction statuses for estimates are as follows:

  • Open: An estimate that is pending a next action. It has not been closed or processed.
  • Closed: The customer may have decided against the sale. The probability is reduced to 0% and the estimate is closed.
  • Processed: The deal was successful and the estimate has been converted in to a sale.
  • Expired: An estimate that has not been processed and has now reached the expiry date indicated.
  • Voided: The estimate has been voided, possibly because it was replaced by an updated one or the data needed to be removed from the system.

Opportunity/Estimate Statuses in NetSuite

The above statuses all indicate something different about where the estimate is in its process lifecycle. They are helpful but they do not tell the full story. To properly understand the sales position of each record you need to look at what NetSuite calls the opportunity/estimate status.

This status can be found in the Sales Information area of the estimate transaction form. There is also a probability field that is linked to the status. When you update the status the probability will also update to allow managers to forecast accurate figures based on the sales person’s personal expectation.

NetSuite Estimate form showing Probability and Status

The standard NetSuite estimate statuses and their weightings are as follows:

Closed – Lost0%The estimate was sent but the sale was ultimately lost.
Identified Decision Makers30%Key decision makers within the potential customer’s organization have been identified.
In Discussion20%Discussions are taking place between the sales person and the potential customer.
In Negotiation75%Negotiations are taking place.
Proposal50%The proposal has been sent and is under consideration
Purchasing90%The customer is completing their own internal purchasing process to allow them to proceed.

These statuses can be customized by navigating to Setup > Sales > Customer Statuses. There you can set your own labels and adjust the percentage values to better your own businesses needs.

To ensure that your sales forecasting is set up to your specific requirements, you will need to review some of the options in the Sales Preferences. Once this is done the selection of statuses on your estimate record will help drive accurate sales forecasting.

The opportunity record uses these same status and probability fields. When there is an estimate linked an opportunity, the system will look at the probability of the estimate when generating the sales forecast. When there is no estimate, NetSuite will use the opportunity.

How to View the Status of an Estimate in NetSuite

Statuses for all transaction types in NetSuite, not just estimates, can be seen clearly on the face of the record itself.

Navigate to an estimate in your system and you will see the transaction status in a grey box to the right of the customer name at the top of the form.

The opportunity/estimate status can be found in the Status field in the body of the estimate form.

NetSuite Estimate form showing an Expired Status

On the Default view of the estimates list page you will also see a filter for transaction status. There you can filter between open and closed estimates.

I have customized the view in the screenshot below to show the estimate status as I think this is a more useful filter.

NetSuite Transaction List View with Estimate Statuses

These two statuses together should allow sales managers to filter estimates every which way possible. They can then order their filtered results by amount, for example, by clicking on the header of the amount column.

Estimate Statuses and the NetSuite Sales Process

Unlike some of the other transactions in NetSuite the estimate record doesn’t use it’s statuses to drive further actions within the system. In general the statuses are used to indicate where the sales person is in their own external sales process. It is up to the sales person to manually select the status they believe to be the most appropriate.

There is only one transaction type created from an estimate and that is the sales order. The sales order can be created at any time whether the estimate is in a Purchasing state or just In Discussion.

Until the sales order is created or the estimate is closed or expires, the transaction status will show Open.

The transaction statuses for an estimate do not present much of a process flow because all states after Open are a final state.

NetSuite Estimate Status Process Flow

Frequently Asked Questions about Opportunity Statuses

What is the current status of my NetSuite estimate record?

The transaction status of the estimate can be seen in a grey box next to the customer name at the top of the form. The estimate status is held in the status field on the body of the estimate form.

How can I update the status of my NetSuite estimate record?

The transaction status of the estimate will automatically update when certain actions are taken within the system. The estimate status needs to be manually set and updated by the sales person. Edit the estimate and select the relevant value from the drop down in the status field.

Can I see a history of the status changes for my NetSuite estimate record?

Yes, if a change has been made to the status that you believe to be incorrect you can easily view the transaction’s history. From the estimate form click on the System Information subtab. There you will see a full audit trail of all changes made to the record, who they were made by and when.

How can I use the status information on my NetSuite estimate to improve my sales process?

NetSuite estimate statuses can be used to track the progress of potential sales through the pipeline. By assigning a status to each estimate, you can easily see which are in the early stages of discussion and which ones are closer to closing. Monitoring can be done via custom searches and reports or through the suite of standard forecast reports. These can be found under Reports > Forecast.

Take the time to learn about the status options available in NetSuite, and start using them to drive your sales success. By tracking the status of your estimates, you can quickly identify potential bottlenecks, prioritize your sales activities, and provide better service to your customers. Additionally, NetSuite’s flexible status options allow you to customize the sales process to match your business needs.

If there is anything specific you need to know about the NetSuite estimate statuses that we haven’t covered here, feel free to get in touch. We welcome your questions.

Before generating an estimate in NetSuite you are likely to be working from a pipeline of opportunities. The following articles will help you understand the opportunity record and how to work more efficiently with it.

Maximizing Your Sales Pipeline with NetSuite Opportunity CSV Import

NetSuite Opportunity Status

Salesforce NetSuite Integration

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