Free Request for Quote (RFQ) Template (Excel)
Why a plain RFQ form isn't enough
Most free RFQ templates you'll find - including the well-known Smartsheet and ProcurementTools versions - are a single blank form: fields for item, quantity and specs, with nowhere to actually compare what suppliers quoted back to you.
That works fine for issuing the request, but the moment you have three quotes in hand, you're back to a second spreadsheet (or a notepad) to figure out who's cheapest. This template keeps the comparison in the same workbook as the request.
It's built for the buyer's side of the transaction - requesting and comparing quotes from suppliers - not for issuing a price quote to your own customers, which is a different document (see the Free Estimate template for that direction).
How the best-price and winning-supplier formulas work
Each line item has three supplier price columns. Best price takes the lowest of the three you've actually filled in - a blank quote is ignored, it never shows up as the winner by default and never displays as $0.
Winning supplier then names which column matched that lowest price. If two suppliers quote the exact same price, the tie goes to whichever is listed first (Supplier A, then B, then C) - a plain, predictable rule rather than a hidden one.
The summary below the table adds up what your total spend would be if you bought everything from Supplier A, from Supplier B, from Supplier C, and at the best price across all lines - so you can see the total savings of shopping the RFQ, not just the per-line winner.
Who this template is for
Small business owners, office managers and procurement generalists who are getting quotes from a handful of vendors for a purchase - not running formal competitive-bid procurement with dozens of line items and legal requirements.
It's a comparison and decision tool: use it to collect the quotes you already have and see the numbers side by side, then issue your purchase order from whichever supplier wins.
How to use it
- List each item, quantity and specs on the RFQ Comparison sheet.
- Enter the price each supplier quoted - best price and winning supplier fill in automatically.
- Check the summary for total cost per supplier and the total at best price.
Download the free Free Request for Quote (RFQ) Template (Excel)
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Frequently asked questions
What if I only have two supplier quotes, not three?
Leave the third supplier's column blank for that line. Best price only looks at columns you've filled in, so it still picks correctly between two quotes.
Can I use this in Google Sheets?
Yes. Upload the downloaded file to Google Drive, then open it and choose File > Save as Google Sheets. The comparison formulas keep working.
Does this send the RFQ to suppliers or track their responses?
No. This template compares quotes you've already collected by email, phone or a supplier portal - it doesn't send requests or manage supplier communication for you.
What if two suppliers quote the exact same lowest price?
The winning supplier shown is whichever one is listed first among the tied prices - Supplier A takes priority over B, and B over C.
Is this the same as a price quote I'd send to my own customers?
No. This is for requesting and comparing quotes from your suppliers (buyer side). To send a price quote to a customer, use a quote or estimate template instead.
What's the usage license?
Personal use or use within one business. It's not meant to be resold or redistributed as a template product.