Are Sales Orders with Order Type = "Quote" considered in the Credit Limit calculation?

I have a customer that Sage is telling us "Customer Credit Limit is Exceeded".  The customer has a $50,000 credit limit.  They have an open invoice balance of $26,000.  They have no open sales orders other than sales order type Quote.   They have a total of $470,000 in quotes.  

In A/R Options, Credit Limit Checking is set to Customer Credit Limit Only.  Aging category for Credit Limit Exceeded warning is 120+ days.

Thank you.