Why do we need working capital. The working capital of the organization includes

1. The concept, composition and structure of working capital.

2. Circulation and turnover of working capital.

3. Methods for evaluating individual elements of working capital.

4. Rationing of working capital (determining the need for working capital).

1. Working capital called a constantly in motion set of circulating production assets and circulation funds. This means that circulating assets are designed to serve both the sphere of production and the sphere of circulation.

Revolving production assets - these are objects of labor that are completely consumed during one production cycle and completely transfer their value to the finished product.

Circulation funds are designed to service the process of product sales and include:

Finished products;

Cash;

Funds in the calculations.

By their economic nature, circulating assets are money invested (advanced) in circulating production assets and circulation funds.

The main purpose of working capital is to ensure the continuity and rhythm of production.

According to the purpose in the production process (by elements), current assets are divided into:

1) inventories:

Raw materials, basic materials, purchased semi-finished products and components;

Supporting materials;

Fuel;

Spare parts.

2) funds in the production process:

Unfinished production;

Deferred expenses are expenses incurred now, but related to future periods (rent paid in advance);

3) finished products:

Finished products in the warehouse of the enterprise;

Shipped finished products;

4) cash and funds in settlements:

Accounts receivable;

Short-term financial investments;

Cash.

The structure of working capital is characterized by the proportion of individual elements of working capital in the total aggregate and is expressed as a percentage.

2. Circulation and turnover of working capital.

By the nature of participation in the trade and production turnover of the enterprise, circulating production assets and circulation funds are closely interrelated and constantly move from the sphere of production to the sphere of circulation and vice versa.

Circuit diagram:

D (money) - T (product) - ... - P (production) - ... - T ¢ (new product) -

D ¢ (new money) -

MPZ - inventories

NP - work in progress

GP - finished products

D ¢ - sales proceeds

It is customary to distinguish three stages of the circuit:

Stage I - working capital acts in monetary form and is used to create inventories.

Stage II - production stocks are consumed in the production process, forming first a work in progress, and then finished goods.

Stage III - the sale of finished products, as a result of which funds are obtained that replenish the stocks of the enterprise and create the necessary surplus product.

Then the cycle is repeated and, thus, the necessary conditions are created to ensure the continuity of production.

To assess the effectiveness of the use of working capital, the following indicators are used:

1. Turnover ratio:

Q is the volume of products manufactured;

OS - the average size of working capital (calculated on the average chronological).

This ratio shows the number of revolutions made by working capital for the reporting period.

The turnover ratio can be calculated both for the entire set of circulating assets, and for individual elements of circulating assets.

The value of the turnover ratio depends on the length of the period. If the company operates stably, then the value of fixed assets from month to month will be the same, and Q increases with increasing period.

2. Coefficient of fixing current assets:

Shows how much working capital is used for the production of 1 ruble. products.

3. Duration of one revolution:

T p - the duration of the period (30, 90, 360 days).

The duration of the turnover can be compared regardless of the size of the settlement period.

Acceleration of turnover is tantamount to additional involvement of funds in the economic turnover.

The shorter the duration of one turnover (the greater the number of turns), with the same volume of production, the less working capital required by the enterprise.

The slowdown in turnover is accompanied by the diversion of funds from the economic turnover and their relatively longer necrosis in inventories, work in progress and finished goods.

Task. In the reporting period, the enterprise produced products for 2,400 thousand rubles. with an average working capital of 120 thousand rubles. In the next period, it is planned to increase production by 10%. How much working capital is required if: 1) the turnover does not change; 2) shorten the duration of one turnover by 1 day?

1) z = 2640 / x thousand rubles. OS = x = 1320

3. Methods for assessing individual elements of working capital.

Upon receipt at the enterprise, inventories are accounted for at their actual cost. The actual cost is made up of the cost of purchasing material resources and includes the cost of these resources, margins and commission paid to supply organizations; customs duties; shipping, storage and shipping costs incurred by third parties.

The cost of material resources consumed in the production process and the cost of inventories at the end of the period are determined in the following ways:

1) at the cost of each unit of stock (for unique materials);

2) at the average cost - the assessment is made at the average cost of the available material resources at the beginning of the period plus the average cost of materials purchased during the period;

3) at the cost of the first FIFO purchases (FIFO - First-in, First-out). The inventory valuation is based on the assumption that the resources are used during the reporting period in sequence from purchase, taking into account the cost of the resources at the beginning of the period.

4) at the cost of the last LIFO purchases (LIFO - last-in, list-out) - the resources that were first supplied to production should be estimated at the cost of the most recent purchases.

In conditions of rising prices, the FIFO method shows the largest profit, and the LIFO method shows the smallest. The method of valuation at the average cost takes into account all prices for resources and largely smoothes their fluctuations.

4. Rationing of working capital ( determination of the need for working capital).

Rationing of working capital - it is the process of developing sound norms and regulations, i.e. determination of the estimated values ​​of working capital required to create constant minimum stocks sufficient for the smooth operation of the enterprise.

Norm - this is the minimum stock, established in relative terms (the norm of the stock of material is 20 days, the norm of the stock of containers is 50 rubles per 1000 rubles of manufactured products).

Standard - this is the minimum amount of inventories in monetary terms.

For inventories, there is the following relationship between the rate and the standard.

H os = H z * R od

H os - working capital standard

H s - stock rate

R od - the cost of one day of material consumption

There are general and specific standards.

Private standard determines the amount of funds required for the formation of individual elements of working capital.

General standard characterizes the general need of the enterprise for working capital.

SOS (own turnover. Wed-va) = SK (own capital) + DZ (long-term sources of financing) - VA (non-circulating assets)

Standardization methods:

1. Analytical method (experimental-statistical or reporting-statistical). This method is based on statistical data on the use of working capital. It takes into account the existing practice of the organization of production, labor and management at the enterprise. The accuracy of the calculations depends on the reporting data available at the enterprise and the experience of employees.

2. The direct account method provides for the calculation of economically justified standards for each element of working capital. Accuracy depends on the level of progressiveness and the degree of tension in the norms at the enterprise. It is associated with high labor costs.

3. The method of coefficients is used to adjust the standard due to changes in production volumes and the level of working capital.

Rationing of inventories.

The basis for rationing is the norms of stocks of materials in days, calculated for each type of material resources.

When determining the norm, it is necessary to take into account:

1) the time spent on the way of materials, for large enterprises daily consuming large amounts of raw materials and materials;

2) time of acceptance, unloading, sorting, storage, etc .;

3) the time of preparation of the material for production;

4) the residence time of materials in the form of the current warehouse stock - this time is the basis for determining the stock rate in days.

The rate of working capital for the formation of the current stock is determined by:

Average delivery interval between two deliveries:

And cf = T n / n, where

T n is the duration of the period

n is the number of deliveries for this period.

Current stock rate

N tz. = 0.5 And cf

When rationing, it is necessary to take into account industry characteristics, the location of the enterprise, the capabilities of suppliers, etc.

To ensure continuity in the event of supply disruptions, the company forms a safety stock at the level of 30-50% of the current warehouse stock.

Rationing of work in progress.

T c - the duration of the production cycle

K n - the rate of increase in costs

З first - initial costs

3 last - subsequent costs

Q pr - the volume of products at production cost

T p - the duration of the period

Rationing of annual production

H gp = T under * Q day

T under - time of preparation of finished products for sale

Q days - the daily volume of production.

Revolving funds- this is a part of production assets (a set of objects of labor), which is fully used during one production cycle, while changing in whole or in part its consumer form and transferring its value to the value of the manufactured product. In the practice of management, the composition of working capital includes, and self-made semi-finished products,.

TO production stocks include stocks of raw materials, basic and auxiliary materials, purchased semi-finished products, fuel, containers, repair parts, low-value and wearing items.

Unfinished production are objects of labor that are in industrial processing.

Self-made semi-finished products- this is part of the objects of labor that have undergone partial processing in a certain division of the enterprise, but needing further refinement.

The need of an enterprise for raw materials and other types of material resources is determined according to special rates of their costs. These norms are determined by the enterprise independently for specific types of resources. In an extremely general form, the consumption rate represents the maximum allowable costs for the manufacture of a certain type of product. The consumption rate consists of two parts: actively used and unused.

Actively used part a certain type of resource is that part of it that goes directly into the finished product (for example, the amount of leather in a manufactured shoe). The unused part of the resource is the forced loss of a specific type of resource. For example, in a shoe factory, these losses consist in the fact that work in progress takes into account the objects of labor at a certain production stage, and semi-finished products are taken into account only if this stage is completed.

Future expenses represent current cash costs that will be covered in subsequent periods by.
The ratio of different groups of circulating assets at each stage of the production process is characterized by their production and technological structure, and other circulating assets.

The required size of the standardized working capital is calculated by several methods. The most commonly used method is direct counting, i.e. determine the standards for each of the elements.

The rate of working capital in inventories is defined as the product of the average daily consumption of a certain type of material and the rate of its stock in days.

There are several types of stocks at the enterprise. Let's list the main ones:

• transport (necessary for the enterprise to ensure smooth operation during the transportation of materials);
• preparatory (necessary to ensure the operation of the enterprise during the preparation of the received materials for their further production consumption);
• current (ensures the operation of the enterprise in the period between two deliveries).

The working capital ratio in work in progress is calculated as the product of the average daily volume of production at the production cost, the average duration of the production cycle and the cost increase factor, which has specific features of the calculation at each specific enterprise.

Working capital ratio in deferred expenses is calculated as the sum of the balance at the beginning of the year and the amount of expenses planned in the next year, minus the amount of subsequent repayment of expenses.

The norm of working capital in the balance of finished products is determined at each enterprise, taking into account its specifics, as the required amount of products that must be stored in the warehouse.

The aggregate standard for the working capital of the enterprise is calculated as the sum of the standards for individual elements.

The efficiency of using working capital can be measured by several indicators of turnover, for example, as the ratio of the value of products sold at current prices for a certain period to the average balance of working capital for the same period.

Introduction.

Working capital is one of the constituent parts of the property of the enterprise. The state and efficiency of their use is one of the main conditions for the successful operation of the enterprise. The development of market relations determines new conditions for their organization. High inflation, non-payments and other crisis phenomena are forcing enterprises to change their policy in relation to working capital, to look for new sources of replenishment, to study the problem of the efficiency of their use.

One of the conditions for the continuity of production is the constant renewal of its material basis - the means of production. In turn, this predetermines the continuity of the movement of the means of production themselves, occurring in the form of their circulation.

In its turnover, circulating assets consistently take monetary, productive and commodity form, which corresponds to their division into production assets and circulation funds.

The material carrier of production assets is the means of production, which are subdivided into objects of labor. Finished products, together with cash and funds in the calculations, form circulation funds.

The turnover of the enterprise's assets begins with the advance payment of value in cash for the purchase of raw materials, materials, fuel and other means of production - the first stage of the circuit. As a result, money takes the form of inventories, expressing the transition from the sphere of circulation to the sphere of production. In this case, the cost is not spent, but is advanced, since after the completion of the circuit it is returned. The completion of the first stage interrupts the circulation of commodities, but not the circulation.

Second stage of the circuit occurs in the process of production, where the labor force carries out productive consumption of the means of production, creating a new product that carries the transferred and newly created value. The advanced value again changes its form - from the productive one, it passes into the commodity one.

The third stage of the circuit consists in the sale of manufactured finished products (works, services) and receipt of funds. At this stage, circulating assets are again transferred from the sphere of production to the sphere of circulation. The interrupted circulation of commodities is resumed, and the value from the commodity form passes into monetary. The difference between the amount of money spent on the manufacture and sale of products (works, services) and received from the sale of manufactured products (works, services) is the company's cash savings.

After completing one circuit, circulating assets enter a new one, thereby carrying out their continuous circulation. It is the constant movement of circulating assets that is the basis of an uninterrupted process of production and circulation.

The analysis of the turnover of the assets of the enterprise shows that the advanced value not only consistently assumes various forms, but also constantly in certain sizes resides in these forms. In other words, the advanced value at each given moment of the circuit is in different parts at the same time in monetary, productive, commodity forms.

The turnover of the funds of the enterprise can only take place if there is a certain advanced value in monetary form. Entering the circuit, it no longer leaves it, consistently changing its functional forms. The stated monetary value represents working capital of the enterprise.

Working capital acts primarily as a value category. They are literally not material assets, since they cannot be used to produce finished products. Being the value in monetary form, circulating assets already in the process of circulation take the form of inventories, work in progress, finished goods. Unlike inventories, circulating assets are not spent, not spent, not consumed, but advanced, returning after the end of one cycle and entering the next.

The moment of advance payment is one of the essential and distinctive features of circulating assets, since it plays an important role in establishing their economic boundaries. The temporary criterion for advancing working capital should not be the quarterly or annual volume of funds, but one circuit, after which they are reimbursed and enter into the next.

The study of the essence of working capital involves consideration of working capital and circulation funds. Working capital, revolving funds and circulation funds exist in unity and interconnection, but there are significant differences between them, which boil down to the following: working capital are constantly in all stages of the enterprise, while the working capital goes through the production process, being replaced by more and more new batches of raw materials, fuel, basic and auxiliary materials. Inventories, being part of the working capital, go into the production process, turn into finished products and leave the enterprise. Revolving assets are fully consumed in the production process, transferring their value to the finished product. Their sum for a year can be tens of times higher than the sum of circulating assets, which ensure the processing or consumption of a new batch of objects of labor and remaining in the economy at each circuit, making a closed circuit.

Revolving funds directly involved in the creation of new value, and circulating assets - indirectly, through revolving funds.

In the process of circulation, circulating assets embody their value in circulating assets and therefore, through the latter, they function in the production process, participate in the formation of production costs.

If circulating assets were directly and directly involved in the creation of a new product, then they would gradually decrease and by the time the circulation ended, they would have to disappear.

Revolving funds, representing use value, act in a single form - productive. Circulating assets, as noted, not only consistently take various forms, but also constantly in certain parts are in these forms.

The above circumstances create an objective necessity for differentiating the turnover of circulating assets and circulating assets.

Comparison of circulating assets with circulation funds, which are a functional form of circulating assets at the stage of circulation, leads to the following results. The turnover of the company's assets ends with the process of selling products (works, services). For the normal implementation of this process, they, along with fixed and circulating funds, must also have circulation funds.

The turnover of circulation funds is inextricably linked with the turnover of working production assets and is its continuation and completion. Making a circuit, these funds are intertwined, forming a general turnover, in the process of which the value of circulating assets transferred to the product of labor passes from the sphere of production to the sphere of circulation, and the value of the funds of circulation in the amount of the advanced value - from the sphere of circulation to the sphere of production. This is how a single turnover of advanced funds is carried out, passing through different functional forms and returning to the original monetary form. Working capital, making a circuit, from the sphere of production, where they function as circulating funds, go into the sphere of circulation, where they function as circulation funds.

The definition of circulating assets as advanced funds in the created stocks of circulating production assets and circulation funds does not reveal the full economic content of this category. It does not take into account that, along with advancing a certain amount of money, there is a process of advancing the value of the surplus product created in the production process into these stocks. Therefore, for profitable enterprises after the completion of the turnover of funds, the amount of advanced working capital at the end of the turnover of funds decreases due to the incurred losses.

Working capital is often identified in cash. Funds employed in production and circulation should not be equated with money. The total value is advanced in the form of money and, having gone through the process of production and circulation, dreams take this form. Cash is an intermediary in the movement of funds. The aggregate value expressed in money turns into real money only at times and in parts.

So, circulating assets represent the value advanced in monetary form for the planned formation and use of circulating production assets and circulation funds in the minimum required amounts, ensuring the implementation of the production program by the enterprise and the timeliness of settlements.

The current assets of the enterprise perform two functions: production and estimated... Carrying out a production function, working capital, advancing in working capital assets, maintain the continuity of the production process and transfer their value to the manufactured product. Upon completion of production, circulating assets pass into the sphere of circulation in the form of circulation funds, where they perform the second function, which consists in completing the circulation and converting circulating assets from a commodity form into a monetary one.

The rhythm, coherence and high performance of the enterprise largely depend on its availability of working capital. Lack of funds advanced for the purchase of inventories can lead to a reduction in production, non-fulfillment of the production program. Excessive diversion of funds into reserves in excess of the actual need leads to the deadening of resources, their ineffective use.

Since circulating assets include both material and monetary resources, not only the process of material production, but also the financial stability of the enterprise, depends on their organization and efficiency of use.

Chapter 1. Organization of working capital of enterprises.

The organization of working capital is fundamental in the general complex of problems of increasing their efficiency. The organization of working capital includes:

• determination of the composition and structure of working capital;
• establishing the enterprise's need for circulating assets;
• determination of sources of formation of working capital;
• disposal and maneuvering of working capital;
• responsibility for the safety and efficient use of working capital.

The composition of circulating assets is understood as a set of elements that form circulating production assets and circulation funds, that is, their allocation to individual elements.

The structure of working capital is the ratio of individual elements of working capital and circulation funds, that is, it shows the share of each element in the total amount of working capital.

The predominant part of working capital is objects of labor- raw materials, basic and auxiliary materials, purchased semi-finished products, fuel and fuel, containers and container materials. In addition, revolving production assets include some tools- low-value and wearing-out items (MBP), tools, special devices, replacement equipment, inventory, spare parts for current repairs, special clothing and footwear. These tools have been functioning for less than a year or are limited in value. The limits on the value of assets in circulation change from time to time due to the ongoing revaluation of fixed assets and the period of their acquisition.

In addition, at enterprises, these tools are often numbered in the thousands, which makes it technically difficult to account for their wear and tear. Therefore, in practice, they are referred not to fixed assets, but to circulating assets.

The listed items and instruments of labor constitute a group of circulating production assets - production stocks. In addition to them, the circulating production assets include work in progress and prepaid expenses.

The main purpose of the funds advanced in the circulating production assets is to ensure a continuous and rhythmic production process.

In addition to circulating production assets, enterprises are formed circulation funds... These include: finished products in stock; goods shipped; funds in the cash desk of the enterprise and in bank accounts; receivables; funds in other settlements.

The main purpose of circulation funds is to provide resources for the circulation process.

The composition and structure of working capital are not the same in various sectors and sub-sectors of the economy. They are determined by many factors of production, economic and organizational nature. So, in mechanical engineering, where the production cycle is long, the share of work in progress is high. At the enterprises of the light and food industries, the main place is occupied by raw materials and materials (for example, in the textile industry). At the same time, the food industry (for example, dairy, butter and cheese) has relatively high stocks of auxiliary materials, containers, and finished products.

At enterprises where a large number of tools, fixtures, devices are used, the share of low-value and high-wear items is high (for example, in mechanical engineering and metalworking).

In the extractive industries, there are practically no stocks of raw materials and basic materials, but the share of deferred expenses is large. In addition, for example, in the oil industry, auxiliary materials and spare parts for the repair of basic backgrounds account for an increased share.

The value of finished goods, goods shipped, accounts receivable is influenced by such factors as conditions of sale of products, forms and state of accounts.

1.1. The concept, composition and structure of working capital.

Working capital- This is a set of funds advanced for the creation of circulating production assets and circulation funds, providing a continuous circulation of monetary funds.

The working capital of the industry is a part of the production assets, which is entirely consumed in each production cycle, immediately and completely transfers its value to the products created, and in the production process changes its natural form. Their material content is the objects of labor. In the production process, they turn into finished products, constituting its material basis or contributing to its content.

Revolving funds cover the movement of objects of labor from the moment they enter the warehouse of an enterprise to their transformation into finished products and transition to the sphere of circulation. Due to the fact that the output of products goes on continuously, a certain part of the circulating assets are constantly functioning in the sphere of production, which are at various stages of the circulation and are represented by the following relatively homogeneous groups:

1. Manufacturing stocks, constituting the bulk of the working capital. They include raw materials, basic and auxiliary materials, fuel, fuel, purchased semi-finished products and components, containers and packing materials, spare parts for the repair of fixed assets, low-value and wearing out items: tools and household inventory with a cost of up to 100 minimum wages per unit and a term service up to a year.

2. Unfinished products, that is, objects of labor that entered the production process and are subject to further processing at subsequent stages of the technological process. It can be in the form of work-in-progress and semi-finished products of its manufacturer.

3. Deferred expenses do not serve as a material element of working capital, but represent the costs of designing and developing new types of products, conducting mining preparatory work at enterprises of the extractive industries, organized recruitment at seasonal enterprises, and others. These expenses are incurred in this period, and are repaid in parts at the expense of the cost price in the following. The manufactured products enter the sphere of circulation, and after the sale, their value takes the form of money. Consequently, for the normal operation of the enterprise, in addition to circulating production assets, funds are needed to serve the sphere of circulation - circulation funds. These include finished but unsold products and funds required to purchase materials, pay wages, fulfill financial obligations to suppliers and financial authorities, and others.

Thus, the totality of monetary funds of industrial enterprises intended for the formation of circulating production assets and circulation funds constitute their circulating assets.

In the working capital of industry, the main part is occupied by working capital. Their share in the total amount of working capital in inventories is about 85%.

The relationship between the constituent elements of circulating assets in their total value represents the structure of circulating assets. Their structure in various industries is determined by the technological level of production, degree of specialization, cycle time, composition of materials consumed, and geographical location in relation to suppliers.

In its movement, circulating assets go through three successive stages - monetary, production and commodity.

Monetary the stage of the circulation of funds is preparatory. It takes place in the sphere of circulation, where the transformation of funds into the form of inventories takes place.

Productive stage is a direct production process. At this stage, the cost of the created products continues to be advanced, but not completely, but in the amount of the value of the used production stocks, the costs of wages and related expenses are additionally advanced, as well as the transferred

The cost of fixed assets. The productive stage of the circulation ends with the release of finished products, after which the stage of its implementation begins.

On commodity the stage of the circulation continues to advance the product of labor (finished product) in the same amount as at the production stage. Only after the transformation of the commodity form of the value of manufactured products into monetary funds are the advanced funds recovered from part of the proceeds received from the sale of products. The rest of its amount is money savings, which are used in accordance with the plan for their distribution. A part of the savings (profit) intended for the expansion of working capital is added to them and completes the subsequent cycles of turnover with them.

The monetary form, which is taken by circulating assets at the third stage of their circulation, is at the same time the initial stage of the circulation of funds.

The circulation of working capital takes place according to the following scheme:

where is the funds advanced by the business entity; - means of production; - production; - finished products; - cash received from the sale of products and includes realized profits. Dots (...) mean that the circulation of funds is interrupted, but the process of their circulation continues in the sphere of production.

Working capital is simultaneously at all stages and in all forms of production, which ensures its continuity and uninterrupted operation of the enterprise.

1.2. Complete list of current assets.

A distinctive feature of circulating assets is that they are constantly in circulation, constantly changing their natural form. Below is a list of accounts that relate to working capital. It will be divided into sections taken from the balance sheet, with explanations for each account.

II-th Section of the balance sheet - Production stocks.

? Account 10 "Materials"... This account is intended to summarize information on the availability and movement of raw materials, materials, fuel, spare parts, packaging, etc. belonging to the enterprise. values. Materials on this account are accounted for at the actual cost of their purchase (procurement) or discount prices. The actual cost of purchase (procurement) of materials consists of the cost at purchase (procurement) prices and the cost of procurement and delivery of these values ​​to the enterprise. The list of costs included in the cost of procurement and delivery of materials to the enterprise is regulated by the relevant regulations.

? Account 11 "Animals for growing and fattening". Designed to summarize information about the presence and movement of young animals belonging to the enterprise; adult fattening and fattening animals; birds; animals; rabbits; families of bees; adult cattle culled from the main herd for sale (without being fattened); livestock accepted from the population for sale. The costs of raising or fattening these animals are accounted for on account 20 "main production" or 29 "Serving industries and farms".

? Account 12 "Small value and wearing items" (MBE). This account is intended to summarize information on the availability and movement of the enterprise owned MBE, household inventory, tools and devices for general and special purposes and other means of labor, which, in accordance with the established procedure, are included in the composition of funds in circulation. It also takes into account temporary (non-title) structures, fixtures and fittings operated by the enterprise. Ready-made uniforms intended for issuance to employees of the enterprise are subject to accounting on account 12 "MBP"; materials for sewing the specified clothes are accounted for on account 10 "Materials".

? Account 13 "Deterioration of low-value and fast-wearing items." This account is intended to summarize information on the depreciation of the IBE in operation and other property recorded on account 12 "IBP", as well as rental items recorded on account 03 “Profitable investments in material assets”. The procedure for calculating the depreciation of the IBE is regulated by legislative and other regulations. The accrued depreciation amounts are reflected in the credit of account 13 "Depreciation of the IBE" in correspondence with the accounts for accounting for production costs (distribution costs) and other relevant accounts.

? Account 15 "Procurement and purchase of materials." This account is designed to summarize information on the procurement and acquisition of material assets related to funds in circulation (including BCH, etc.). The debit of account 15 "Procurement and purchase of materials" includes the purchase value of material assets for which the company received the settlement documents of the suppliers. The credit of account 15 "Procurement and purchase of materials" in correspondence with account 10 "Materials" or 12 "MBP" includes the cost of actually received at the enterprise and capitalized material assets.

? Account 16 "deviations in the cost of materials"... This account is intended to summarize information about the difference in the cost of purchased material assets, calculated in the actual cost of acquisition (procurement) and discount prices. This account is used by enterprises that account for materials on account 10 "Materials" and IBE on account 12 “IBE” at discount prices. The amount of the difference in the cost of purchased material assets, calculated in the actual cost of acquisition (procurement) and accounting prices, is debited or credited to account 16 "Deviations in the cost of materials" from account 15 "Procurement and purchase of materials".

? Account 19 “Value added tax on acquired values.” (VAT). The account was introduced by the Order of the Ministry of Finance of the Russian Federation dated 28.12.94 No. 173. This account is intended to summarize information about the amount of value added tax (VAT) paid (payable) by the enterprise on the acquired values. Sub-accounts can be opened to account 19 "VAT on purchased values":

19-1 "VAT on capital investments";

19-2 "VAT on acquired intangible assets";

19-3 "VAT on purchased material resources";

19-4 "VAT on purchased MBEs", etc.

III-th section of the balance sheet - Production costs.

? Account 20 "Main production". It is intended to generalize information about the costs of the main production, that is, production, products (work, services) of which was the purpose of creating this enterprise. Specifically, this account is used for cost accounting:

• industrial and agricultural enterprises for the production of products;
• contracting, geological and design and survey enterprises for the implementation of construction and installation, exploration and design and survey works;
• transport and communications enterprises for the provision of services by them;
• research enterprises for the implementation of research and development work;
• public catering enterprises producing their own products (in particular, raw materials and materials);
• road facilities for the maintenance and repair of highways.

? Account 21 "Semi-finished products of own production". Designed to summarize information on the availability and movement of semi-finished products of its own production at enterprises that keep separate accounting records. In particular, this account may reflect the following semi-finished products manufactured by the enterprise (with a full production cycle): pig iron in ferrous metallurgy; raw rubber and glue in the rubber industry; sulfuric acid at nitrogen fertilizer plants of the chemical industry; yarn and harshness in the textile industry, etc. In other enterprises, these values ​​are reflected as part of work in progress, that is, on account 20 "Main production".

? Account 23 "Auxiliary production". This account is intended to summarize information and production costs, which are auxiliary (auxiliary) for the main production or main activity of the enterprise. In particular, this account is used to account for the production costs that provide:

• service by various types of energy (electricity, steam, gas, air, etc.);
• transport service;
• repair of fixed assets;
• production of tools, stamps, spare parts; building parts, structures or enrichment of building materials (mainly in construction companies);
• extraction of gravel, sand and other non-metallic materials;
• logging, sawmilling;
• salting, drying and canning of agricultural products (mainly in commercial enterprises), etc.

? Account 29 "Service production and economy" (OPH). Designed to summarize information about the costs associated with the release of products, performance of work and the provision of services by the service industries and farms of the enterprise. Under the OPH of an enterprise is understood as production and economy, the activities of which are not related to the production of products, the performance of work and the provision of services that were the purpose of creating this enterprise. In particular, this account can reflect the costs of the enterprise on the balance sheet: housing and communal services (operation of residential buildings, hostels, laundries, baths, etc.); sewing and other consumer service workshops; canteens and buffets; preschool institutions (kindergartens and nurseries); home rest, sanatoriums and other health and cultural institutions; research and design departments.

? Account 30 "Non-capital work". Designed to summarize information about the costs associated with the implementation of non-capital works (construction of temporary title and non-title structures, etc.). This account is used by contractors as well as commercial construction companies.

Sub-accounts can be opened to account 30 "Non-capital works":

• 30-1 “Construction of temporary (title) structures;
• 30-2 "Construction of temporary" non-title "structures;
• 30-1 "Other non-capital work", etc.

? Account 31 "Deferred expenses". This account is intended to summarize information about the expenses incurred in this reporting period, but related to future reporting periods. In particular, this account may reflect the costs associated with mining and preparatory work; preparatory work in seasonal industries; the development of new enterprises, industries, installations and units; land reclamation; repair of fixed assets unevenly made during the year (when the company does not create an appropriate reserve or fund); payment of rent for subsequent periods. The terms during which such expenses are to be written off to production (circulation) costs or other sources are regulated by legislative and other regulations.

? Account 36 "Completed stages of work in progress." The account was introduced by the Order of the Ministry of Finance of the Russian Federation of 28.12.94 No. 173. It is intended to summarize information about the stages of work completed in accordance with the concluded agreements, which have independent significance. This account is used by enterprises performing long-term work (construction, scientific, design, geological, etc.).

IV-th section of the balance sheet - Finished products, goods and sales.

? Account 40 "Finished Products". Designed to summarize information about the availability and movement of finished products. This account is used by enterprises in the branches of material production. Finished products are recorded on account 40 “Finished products” at the actual production cost. Agricultural enterprises take into account the movement of crop production, animal husbandry and processing of raw materials during the year at the planned cost; the difference between the actual and planned cost of finished products, revealed at the end of the year, is charged to the account of products in the share related to the balance of these products at the end of the reporting year.

? Account 41 "Goods". Designed to summarize information about the availability and movement of inventory items purchased as goods for sale. This account is used mainly by supply, sales and trade enterprises, as well as catering establishments. These enterprises on account 41 "Goods" also take into account purchased containers and containers of their own production, except for inventory, serving for production or economic needs and recorded on account 01 "Fixed assets" or 12 "MBE".

? Account 44 "Costs of circulation". Designed to summarize information about the costs of supply, sales, trade, other intermediary and other similar enterprises. Enterprises that harvest and process agricultural products (beets, milk, wool, cotton, raw hides, flax, livestock, poultry, etc.), as well as construction companies that procure materials and structures, use account 44 "Circulation costs" to record expenses for the procurement and delivery of the specified values ​​to the enterprise before being included in the actual cost of acquiring (procurement) of the values ​​(if there is a special procurement apparatus at the enterprise).

? Account 45 "Goods shipped". It is intended to summarize information on the availability and movement of shipped products (goods), if the supply agreement stipulates a different from the general order moment of transfer of the right to own, use and dispose of it and the risk of its accidental death from the enterprise to the buyer, customer (for example, when exporting products). This account also takes into account finished products transferred to other enterprises for sale on commission and other similar principles. Goods shipped are accounted for on account 45 "Goods shipped" at the actual production or standard (planned) cost.

VBalance Section - Cash.

? Account 50 "Cashier". Designed to summarize information about the availability and movement of funds in the cash desks of the enterprise. The procedure for making and registering cash transactions is regulated by the Central Bank of the Russian Federation. The debit of account 50 "Cashier" reflects the receipt of funds in the cashier of the enterprise. The credit of account 50 "Cashier" reflects the payment of funds from the cash desk of the enterprise. When, in cases permitted by law, an enterprise makes cash transactions with foreign currency, then the corresponding sub-accounts must be opened to account 50 "Cashier" for separate accounting of the movement of foreign currency in cash.

? 51 "Current account". Designed to summarize information on the availability and flow of funds in Russian currency on the company's current account with the bank. The procedure for the execution and execution of transactions on the current account is regulated by the Central Bank of the Russian Federation. Transactions on the current account are reflected in the accounting on the basis of bank statements on the current account and the cash settlement documents attached to them. The debit account 51 "Current account" reflects the receipt of funds to the settlement account of the enterprise. On the loan, the write-off of funds from the settlement account of the enterprise is reflected.

? Account 52 "Currency account". Currency account is intended to summarize information on the availability and movement of funds in foreign currencies and on foreign currency accounts with banks in the country and abroad. The procedure for performing and processing operations on foreign currency accounts is governed by the rules of banks. Transactions in foreign currency accounts are reflected in the accounting on the basis of bank statements and monetary documents attached to them. The debit of account 52 "Currency account" reflects the receipt of funds to the currency accounts of the enterprise. For a loan - debiting funds from the company's foreign currency accounts.

? Account 55 "Special bank accounts". This account is intended to summarize information on the availability and movement of funds in Russian and foreign currencies located in the country and abroad in letters of credit, checkbooks, other payment documents (except for bills of exchange), on current, special and other special accounts, as well as on the movement of funds for targeted financing (receipts) in that part of them, which is subject to segregated storage. Sub-accounts can be opened for account 55 "Special accounts in banks":

• 55-1 "Letters of credit"
• 55-2 "Checkbooks", etc.

? Account 56 "Cash documents". Designed to summarize information about the availability and movement of cash documents held at the cash desk of the enterprise (postage stamps, state duty stamps, bills of exchange, paid air tickets, paid vouchers to rest homes and sanatoriums, etc.). Cash documents are accounted for on account 56 "Cash documents" at their face value. Analytical accounting of monetary documents is carried out according to their types.

? Account 57 "Transfers on the way". It is intended to summarize information on the movement of funds (transfers) in Russian and foreign currencies in transit, that is, amounts of money (mainly trade proceeds) deposited in the cash desks of banks, savings banks or cash desks of post offices to be credited to the settlement or other account of the enterprise, but not yet credited by appointment.

VI-th section of the balance sheet - Calculations.

? Account 61 "Calculations on advances issued". It is intended to summarize information on the calculations of advances issued for the supply of material assets or for the performance of work, as well as payment for products and work received from customers in partial readiness. The amounts of advances issued, as well as payments made in case of partial readiness of products and works are reflected in the debit of account 61 "Calculations for advances issued" in correspondence with the accounts of funds. The amounts of advances issued and payments for the partial readiness of the work, set off by the supplier when paying for the completed work, are reflected in the credit of account 61 "Settlements on advances issued" in correspondence with account 60 "Settlements with suppliers and contractors".

? Account 62 "Settlements with buyers and customers." Designed to summarize information about settlements with buyers and customers. Sub-accounts can be opened to account 62 "Settlements with buyers and customers":

• 62-1 "Settlements in the collection procedure"
• 62-2 "Calculations by planned payments"
• 62-3 "Bills received", etc.

? Account 75 "Settlements with founders". It is intended to summarize information on all types of settlements with the founders of the enterprise (Shareholders of a joint-stock company, participants in a general partnership, members of a cooperative, etc.): on contributions to the authorized (pooled) capital of the enterprise, on the payment of income (dividends), etc. 75 "Settlements with founders" sub-accounts can be opened:

• 75-1 "Calculations on contributions to the authorized (pooled) capital
• 75-2 "Calculations for the payment of income", etc.

? Account 76 "Settlements with different debtors and creditors". It is intended to summarize information about settlements for all kinds of transactions with debtors and creditors: with various organizations for non-commercial transactions (educational institutions, scientific organizations, etc.); with transport (railway and water) organizations for services paid for by checks; on deposited amounts of wages, bonuses and other similar payments; for the amounts withheld from the wages of employees of the enterprise in favor of various organizations and individuals on the basis of executive documents or decisions of judicial authorities, etc. Analytical accounting for this account is maintained for each debtor and creditor.

? Account 78 "Settlements with subsidiaries (dependent) companies". Account 78 as amended. Order of the Ministry of Finance of the Russian Federation dated July 28, 1995 No. 81. It is intended to summarize information on all types of settlements (with the exception of settlements for contributions to the authorized capital) of an enterprise with its subsidiaries and dependent enterprises and the latter with enterprises that created them (participated in the creation), as well as accounting for operations related to the execution of a joint venture agreement ... You can open the following subaccounts to this account:

• 78-1 "Settlements with subsidiaries"
• 78-2 "Settlements with associates"
• 78-3 "Settlements under a joint venture agreement", etc.

Vii-th section of the balance sheet - Financial results and use of profit.

? Account 82 "Estimated reserves". Designed to summarize information about the reserves created to clarify the assessment of individual accounting items at the expense of the company's profit . The list and procedure for the formation of estimated reserves are governed by the legislation of the Russian Federation and other regulations. Sub-accounts can be opened to this account:

• 82-1 "Provisions for doubtful debts"
• 82-2 "Provisions for impairment of investments in securities", etc.

1.3. Classification of working capital.

Working capital can be classified according to the following criteria:

I. According to the place and role in the reproduction process, circulating assets in the sphere of production and the sphere of circulation are distinguished.

Consideration of the composition and structure of circulating assets allows us to touch upon such an important problem of organizing circulating assets as their rational allocation between the spheres of production and circulation.

Establishing the optimal ratio of working capital in production and circulation is important for ensuring the fulfillment of the production program with cash, and is also one of the main factors in the efficiency of using working capital.

II. According to the degree of planning, working capital is divided into standardized and non-standardized.

Domestic practice involves rationing, that is, the establishment of planned stock rates and standards for the elements of working capital, with the exception of goods shipped, cash and funds in the calculations. The amount of non-standardized working capital is determined promptly.

III. According to the sources of rationing, working capital is divided into own, borrowed and borrowed.

In modern economic conditions, enterprises are given broad rights in the disposal of circulating assets. Current assets are at the disposal of the enterprise and are not subject to seizure. Enterprises can sell them and transfer them to other enterprises, organizations, institutions, citizens, lease them, lend them for temporary use (except for those that are not owned or used by enterprises).

An important problem at the enterprise is to ensure the safety of working capital. In the process of financial planning, it is important to determine the possible presence of a surplus or shortage of working capital at the beginning of the planning period. For this, the sum of the expected (actual) availability of the company's own working capital at the beginning of the planning period with its total need for working capital is compiled. If the planned demand exceeds the amount of the company's own working capital, lack of own working capital... Enterprises that have allowed the formation of a shortage of working capital can fulfill it at their own expense and temporarily at the expense of borrowed funds.

If the relationship is reversed, surplus of own funds, which can serve as a source of financing for the increase in working capital.

Lack of own circulating assets can arise as a result of a number of reasons that depend and do not depend on the activities of the enterprise. An enterprise may not ensure the safety of its own circulating assets, that is, lose a certain amount, allowing excess losses, illegal diversion of circulating assets, for example, for the needs of capital construction, shortfall in profit.

The economic conditions in which enterprises operate have a significant impact on the state of working capital. The increase in prices for the purchased commodity and material assets leads to the formation of the enterprises of the lack of their own circulating assets on a large scale. One of the sources of its replenishment is a bank loan, which in conditions of inflation is provided at high interest rates.

The financial policy pursued by the state can hinder or stimulate the normal production and financial activities of enterprises, including the rational use of working capital. An important role in this belongs to the tax policy of the state. Thus, the attribution of a number of taxes to the cost of production (work, services), the peculiarities of paying VAT to the budget, advance payments of income tax lead to the diversion of working capital of enterprises to non-production costs. This forces enterprises to resort to loans at high interest rates, to look for unplanned sources of funds, to violate financial discipline. The diversion of working capital leads to a slowdown in their turnover, reduces the efficiency of the enterprise, worsens its financial condition.

The organization of the working capital of the enterprise necessarily includes a systematic control over their safety and efficiency of use through audits and surveys based on statistical data, operational and accounting reports.

1.4. Sources of the formation of working capital.

The circulating assets of enterprises are designed to ensure their continuous movement at all stages of the circulation in order to meet the needs of production in monetary and material resources, to ensure the timeliness and completeness of calculations, to increase the efficiency of using circulating assets.

All sources of financing of working capital are subdivided into own, borrowed and attracted.

Own funds play a major role in organizing the circulation of funds, since enterprises operating on the basis of commercial accounting must have a certain property and operational independence in order to conduct business profitably and be responsible for the decisions made.

The formation of working capital comes at the time of the organization of the enterprise, when its statutory fund is created. The source of formation in this case is the investment funds of the founders of the enterprise. In the process of work, the source of replenishment of working capital is the profit received, as well as the so-called stable liabilities equated to its own funds. These are funds that do not belong to the enterprise, but are constantly in its circulation. Such funds serve as a source of formation of working capital in the amount of their minimum balance. These include: the minimum rolling debt from month to month on wages to employees of the enterprise, reserves to cover future expenses, minimum rolling debt to the budget and off-budget funds, creditors 'funds received as an advance payment for products (goods, services), buyers' funds for pledges for returnable packaging, carry-over balances of the consumption fund, etc.

To reduce the overall need of farms for working capital, as well as to stimulate their effective use, it is advisable to attract borrowed money... Borrowed funds are mainly short-term bank loans, with the help of which temporary additional requirements for working capital are satisfied.

The main directions attracting loans for the formation of working capital are:

• crediting of seasonal stocks of raw materials, materials and costs associated with the seasonal production process;
• temporary replenishment of the lack of own circulating assets;
• making settlements and mediating payment turnover.

The goals of finding additional borrowed sources of financing of working capital were devoted to decree Of the Presidium of the Supreme Soviet of the Russian Federation and the Government of the Russian Federation of May 25, 1992 No. 2837-1 "On urgent measures to improve settlements in the national economy and increase the responsibility of enterprises for their financial condition, as well as Resolution of the Government of the Russian Federation and the Central Bank of the Russian Federation of July 1, 1992 No. 458 and subsequent changes and additions. Provided for the allocation of a targeted government loan to replenish the working capital of enterprises and organizations. The source of this loan is a targeted off-budget fund created in the financial bodies of territories, regions, autonomous formations, cities of Moscow and St. Petersburg by the ministries of finance of the republics within the Russian Federation, the Ministry of Finance of the Russian Federation. In accordance with these regulations, the loan is allocated on the basis of an agreement between the financial authority and the enterprise or organization. This loan can be obtained by state-owned enterprises and organizations., Joint-stock companies with a state share in the authorized capital of more than 50%, privatized enterprises and organizations, regardless of their organizational and legal norms.

This loan is provided at the expense of a credit line opened to the Ministry of Finance of the Russian Federation by the Central Bank of the Russian Federation at a floating interest rate.

In the conditions of the administrative-command system of economic management, borrowed funds among the sources of financing of working capital constituted a fairly large share. So, in 1965 the share of loans in the structure of sources of formation of working capital accounted for 47.6%, in 1975 - 47.3%, in 1977 - 47.1%, in 1988 - 47.6%. Since 1988, the share of loans in the structure of sources of working capital began to decline. So, in 1989 it was 40.5%, in 1990 - 24.2. In subsequent years, the share of loans gradually increased and by April 1993 amounted to 40.3%.

The nature of the dynamics of this indicator is due to objective economic processes. The decline in the share of credit since the end of the 1980s can be explained by the reduction in centralized lending to enterprises with a still undeveloped system of commercial credit. Along with the formation of the system of commercial banks, the growth of commercial credit, the share of credit resources in the structure of sources of formation of working capital also increased.

Thus, with the transition to a market system of economic management, the role of credit as a source of working capital at least has not diminished. Along with the usual need to cover the excess demand for the working capital of the enterprise, new factors have emerged that are responsible for the strengthening of the value of bank credit. These factors are primarily associated with the transitional stage of development experienced by the domestic economy. One of them was inflation. The impact of inflation on the working capital of an enterprise is very multifaceted: it has a direct and indirect impact. The direct impact is characterized by the depreciation of working capital during their turnover, that is, after the completion of the turnover, the enterprise does not actually receive the advanced amount of working capital as part of the proceeds from the sale of products.

An indirect impact is expressed in a slowdown in the turnover of funds due to the crisis of non-payments, largely due to inflation. Other reasons for the emergence of the crisis include a decrease in labor productivity; extreme inefficiency in production; the inability of individual managers to adapt to new conditions: to look for new solutions, change the product range, reduce the material and energy consumption of production, selling unnecessary and unnecessary assets; and finally, the imperfection of the legislation allowing not to pay debts with impunity.

In order to combat non-payments and provide financial support, significant funds are allocated to replenish the working capital of enterprises. However, the allocated funds are not always used for their intended purpose, which also has a strong inflationary effect.

These reasons determine the increased interest of enterprises in borrowed funds as a source of replenishment of working capital frozen in long-term receivables. In this situation, the question arises of the boundaries of the use of credit as a source of working capital. This issue is associated with the dual influence that the use of credit has on the financial position of the enterprise in general and on the state of working capital in particular.

On the one hand, without attracting credit resources into circulation in the face of a shortage of its own funds, the enterprise needs to reduce or completely suspend production, which threatens with serious financial difficulties up to bankruptcy. On the other hand, solving the problems that have arisen only with the help of loans causes an increase in the company's dependence on credit resources due to an increase in loan debt. This leads to an increase in the instability of the financial condition, own circulating assets are lost, becoming the property of the bank, since the enterprises do not provide the rate of return on invested capital, specified in the form of bank interest.

Accounts payable refers to unscheduled attracted sources of working capital formation. Its presence means the participation in the turnover of the enterprise of funds from other enterprises and organizations. Part of the accounts payable is natural, as it follows from the current procedure for settlements. Along with this, accounts payable can arise as a result of violation of payment discipline.

Enterprises may have accounts payable to suppliers for received goods, contractors for work performed, tax inspectorate for taxes and payments, and deductions to off-budget funds.

It is also necessary to highlight other sources of the formation of working capital, which include the funds of the enterprise that are temporarily not used for their intended purpose (funds, reserves, etc.).

The correct ratio between own, borrowed and attracted sources of formation of working capital plays an important role in strengthening the financial condition of the enterprise.

1.5. Analysis of the supply of working capital with sources.

The balance sheet asset is a reflection of the investment decisions made by the company over the period of its activity. Investment directions can be distinguished according to various criteria, including their liquidity, which is laid down as a grouping feature in the balance sheet.

At the present stage of economic development, one of the most relevant types of investment is current or current assets.

This relevance is caused, first of all, by their acute deficit in almost all sectors of economic activity. The shaft of mutual non-payments, the source of which is the monetary policy pursued by the government, caused the economic entities to practically lack of funds as the most liquid element of current assets, which, in turn, led to fundamental fluctuations in the amount of inventories at enterprises.

Inventories (TMZ) should be understood as tangible assets intended for sale during the production and commercial cycle and production consumption within the enterprise in order to develop the production base.

It is well known that an excess of inventories leads to losses in the activities of the enterprise as a result of an increase in the costs of their storage, the diversion of funds from circulation, an increase in the risk of losing their consumer properties and, consequently, their depreciation during storage, etc.

Lack of inventories increases the risk of disruption to the production process, which also results in losses.

The rational value of TMZ in the conditions of a planned socialist economy was determined by their regulation. A fundamental change in the situation in the economy in terms of relations to property, the transition from a scarce market to a consumer-oriented market, led to the inadequacy of the existing mechanisms for the regulation of working capital.

The outlined changes in the economic situation led to the emergence of the problem of choosing a methodology for determining the rational value of TMZ.

In the absence of modern methods for standardizing working capital, an approach is proposed to determine the rational value of inventory and, accordingly, to assess the ratio of their actual value to the rational one.

The essence of this approach is to determine the rational value of inventories, based on the availability of sources of their formation and the capital structure of the enterprise, and is based on the following assumptions:

TMZ includes reserves intended to ensure a normal production and commercial cycle (TMZ pkts), and reserves associated with investments in non-current assets made by the enterprise (TMZ VA),

those. TMZ = TMZ pkts + TMZ VA.

To ensure normal functioning, an enterprise must have a certain part in its equity capital (IC), to create inventories - its own sources of working capital (SIOBS).

For various spheres of economic activity, this share of equity capital, based on the specifics of the production and commercial cycle, is different and has an average industry rational value (K obs).

In addition to its own sources of working capital, inventory can be provided with a part of stable liabilities, equated to its own sources (CPM).

If own sources are insufficient to cover inventories associated with investments in non-current assets, targeted borrowed funds (ZS VA) can be attracted.

The analysis of the supply of working capital with sources involves the calculation of a number of indicators according to the financial statements of the analyzed enterprise:

1.Value of own sources of working capital according to the balance:

SIOBS = SK - (OS ost + NA ost), where

SIOS- own sources of working capital;

SC- equity;

OS ost–The residual value of the fixed assets of the enterprise;
ON OST- the residual value of the intangible assets of the enterprise;

2. Provision of TMZ with sources of working capital according to the balance sheet(according to the well-known formulas for analyzing the financial condition of the enterprise, including):

K obes = TMZ / SIOBS.

3. Amount of own sources of working capital, actually used to create TMZ:

SIOBS f = SK - VA, where

VA- the total value of non-current assets (total of 1 section of the balance sheet asset).

The possible difference between the value of indicators 1 and 3 is explained by the immobilization of working capital in other types of non-current assets (long-term financial investments, unfinished capital investments, etc.).

4.Capital maneuverability ratio:

K maneu = SIOBS / SK.

5. The ratio of the ratio of maneuverability to a rational structure:

K rac = K manev / K obs.

6. Rational value of own sources of working capital, based on the industry average rational value:

SIOOS rac = SK * K obs.

7. Rational value of TMZ, defined in the described approach as equal to the rational value of own sources of working capital:

TMZ rac = SIOBS rac.

8. Excess (deficiency) of TMZ relative to the rational value:

8.1. as an absolute sum:

DTMZ = TMZ - TMZ rac;

8.2. as a coefficient:

K TMZ = TMZ / TMZ rats.

9. Excess (lack) of own sources of working capital in total with respect to a rational value:

9.1. as an absolute sum:

DSIOBS = SIOBS - SIOBS rac;

9.2. as a coefficient:

K c1 = SIOBS / SIOBS rac.

10. Excess (lack) of own sources of working capital, actually aimed at creating TMZ, with respect to a rational value:

10.1. as an absolute sum:

DSIOBS f = SIOBS f + UPZ - SIOBS rac;

10.2. as a coefficient:

K c2 = (SIOBS f + UPZ) / SIOBS rac.

11. Excess (lack) of own sources of working capital, actually aimed at creating inventories, taking into account inventories in non-current assets, with respect to a rational value:

11.1. as an absolute sum:

DSIOBS fwa = SIOBS f + UPZ + ZS VA - SIOBS rac;

11.2. as a coefficient:

K cz = (SIOBS f + UPZ + ZS VA) / SIOBS rats.

Using the above approach in combination with the previously known generalizing estimates of the supply of working capital with sources, it is possible to propose to assess the level of supply of an enterprise with sources of working capital in four groups:

Absolute security - (K c1> 1; K c2> 1; K c3> 1;);

Normal security - (K c1> 1; K c2< 1; К с3 > 1;);

Critical availability - (K c1<1; К с2 < 1; К с3 >1;);

Crisis security - (K c1<1; К с2 < 1; К с3 <1;).

The proposed method of analysis will allow not only to compare the value of inventories in terms of the balance of the size of the sources of working capital, but also to determine the place of the enterprise for this group of indicators among potential competitors within the industry, which will allow developing a financial management strategy, including in conditions of the existing shortage of funds.

Chapter 2. Determination of the enterprise's need for working capital. Determination of the standard of working capital.

Enterprises operating on the principle of commercial settlement must have a certain property and operational independence in order to conduct business profitably and be responsible for the decisions made. In these conditions, the need to determine the needs of enterprises in their own circulating assets, which play a major role in the normal functioning of enterprises, increases.

Determination of the enterprise's need for its own working capital is carried out in the process of rationing, that is, determining the standard of working capital.

The purpose of rationing is to determine the rational size of circulating assets, diverted for a certain period in the sphere of production and the sphere of circulation.

The domestic practice of rationing working capital at industrial enterprises is based on a number of principles.

The need for own working capital for each enterprise is determined when drawing up a financial plan. Thus, the value of the standard is not a constant value. The size of its own working capital depends on the volume of production, the conditions of supply and sale, the range of products produced, and the forms of payment used.

When calculating the needs of an enterprise for its own circulating assets, it is necessary to take into account the following: own circulating assets should cover not only the needs of the main production to fulfill the production program, but also the needs of ancillary and auxiliary industries, housing and communal services and other farms that are not related to the main activity of the enterprise and not on an independent balance sheet, overhaul carried out on their own. In practice, they often take into account the need for their own working capital only for the main activity of the enterprise, thereby underestimating this need.

Rationing of working capital is carried out in monetary terms. The basis for determining the need for them is more production cost estimate products (works, services) for the planned period. At the same time, for enterprises with a non-seasonal nature of production, it is advisable to take data from the VI quarter as the basis for calculations, in which the volume of production is, as a rule, the largest in the annual program. For enterprises with a seasonal nature of production - the data for the quarter with the lowest production volume, since the seasonal need for working capital is provided by short-term bank loans.

To determine the standard, the average daily consumption of standardized elements in monetary terms is taken into account. For production inventories, the average daily consumption is calculated according to the corresponding item of the production cost estimate: for work in progress - based on the cost of gross or marketable output; for finished goods - on the basis of the production cost of marketable products.

In the process of rationing, private and aggregate standards... The rationing process consists of several sequential stages:

1. I. Initially, the norms of the stock are developed for each element of the standardized working capital. The rate is a relative value corresponding to the volume of stock of each element of working capital. As a rule, the norms are set in days of stock and mean the duration of the period provided by this type of material assets. For example, the stock rate is 24 days. Therefore, the stock should be exactly as much as the production will provide within 24 days.

The stock rate can be set as a percentage, in monetary terms, to a certain base.

The norms of working capital are developed at the enterprise by the financial service with the participation of services related to production and supply and marketing activities.

II. Further, based on the rate of stock and consumption of this type of inventory, the amount of working capital required to create standardized stocks for each type of working capital is determined. This is how private standards are determined.

III. And finally, the aggregate standard is calculated by adding the individual standards. The working capital ratio is a monetary expression of the planned stock of inventories, the minimum necessary for the normal economic activity of the enterprise.

2.1. Methods for standardizing current assets.

The following basic methods of standardization of working capital are used:

y Direct counting method. This method consists in the fact that first the amount of advance payment of working capital to each element is determined, then by summing them up, the total amount of the standard is determined.

y Analytical method... It is applied in the case when in the planning period there are no significant changes in the operating conditions of the enterprise in comparison with the previous one. In this case, the calculation of the working capital ratio is carried out on an aggregated basis, taking into account the ratio between the growth rate of production and the size of the normalized working capital in the previous period.

y Coefficient method. At the same time, the methods of the new standard are determined on the basis of the old one by making changes to it, taking into account the conditions of production, supply, sale of products (works, services), calculations.

In practice, it is most expedient to use the direct counting method. The advantage of this method is its reliability, which makes it possible to make the most accurate calculations of individual and total standards. Private standards include working capital standards in production stocks: raw materials, basic and auxiliary materials, purchased semi-finished products, components, fuel, containers, MBP, spare parts; in work in progress and semi-finished products of our own production; in deferred expenses; finished products. The peculiarity of each element determines the specifics of the rationing.

The standard of working capital advanced in raw materials, basic materials and purchased semi-finished products is determined by the formula:

H = R * D, where

H - standard of working capital in stocks of raw materials, basic materials and purchased semi-finished products;

Р - average daily consumption of raw materials, materials and purchased semi-finished products;

D - stock rate in days.

The average daily consumption for the range of consumed raw materials, basic materials and purchased semi-finished products is calculated by dividing the sum of their costs for the corresponding quarter by the number of days in the quarter.

Determining the stock rate is the most time consuming and important part of rationing. The stock rate is set for each type or group of materials. If many types of raw materials and materials are used, then the norm is established for the main types, which occupy at least 70-80% of the total cost.

The stock rate in days for certain types of raw materials, materials and semi-finished products is established based on the time required to create transport, preparatory, technological, current warehouse and safety stocks.

P Transport stock is necessary in cases when the time of movement of the cargo on the way exceeds the time of movement of documents for its payment. In particular, the transport stock is provided in the case of payments for materials on a prepayment basis. Transport stock in days is defined as the difference between the number of days of the cargo run and the number of days of movement and payment of documents for this cargo.

P Preparatory stock. Provided in connection with the costs of receiving, unloading and storing raw materials. It is determined on the basis of established norms or actual time spent.

P Technological stock. This stock is taken into account only for those types of raw materials and materials for which, in accordance with the production technology, preliminary preparation of production is necessary (drying, aging of raw materials, heating, sediment and other preparatory operations). Its value is calculated according to established technological standards.

P Current warehouse stock. It is recognized to ensure the continuity of the production process between the supply of materials, therefore it is the main one in the industry. The size of the warehouse stock depends on the frequency and uniformity of deliveries, as well as the frequency of launching raw materials and materials into production. The basis for calculating the current warehouse stock is the average duration of the interval between two adjacent deliveries of a given type of raw materials and materials. The duration of the interval between deliveries is determined on the basis of contracts, orders, schedules or based on actual data for the past period. In cases where this type of raw materials and materials comes from several suppliers, the rate of the current warehouse stock is taken at the rate of 50% of the delivery interval. At enterprises in which raw materials come from one supplier and the number of types of material assets used is limited, the warehouse stock rate can be taken at the rate of 100% of the delivery interval.

P Safety stock. It is created as a reserve that guarantees an uninterrupted production process in case of violation of the contractual conditions for the supply of materials (incomplete receipt of the batch, violation of the delivery time, inadequate quality of the materials received). The value of the safety stock is taken, as a rule, in the range of up to 50% of the current warehouse stock. It can be even more if the enterprise is located far from suppliers and transport routes, if unique, high-quality materials are periodically consumed.

Thus, the total stock rate in days for raw materials, basic materials and purchased semi-finished products as a whole consists of the five listed stocks.

The working capital ratio for auxiliary materials is established in two main groups:

3 The first group includes materials that are consumed regularly and in large quantities. The standard is calculated in the same way as for raw materials and basic materials.

3 The second group includes auxiliary materials that are rarely used in production and in small quantities. The standard is calculated by analytical methods based on data from previous years.

The general standard for working capital for auxiliary materials is the sum of the standards of both groups.

Working capital ratio for fuel calculated in the same way as for raw materials and supplies. The standard for gaseous fuel and electricity is not calculated. When calculating fuel consumption, the need for fuel for production and non-production needs is taken into account. For production needs, the need is determined based on the production program and consumption rates per unit of production by shops; for non-production - based on the amount of work performed.

Working capital rate for packaging is determined depending on the method of its preparation and storage. Therefore, the methods of calculating the packaging in different industries are not the same.

At enterprises that use large containers for packaging products, the rate of working capital is determined in the same way as for raw materials and materials.

For containers of our own production used for packaging finished products and included in the wholesale price, the stock rate in days is determined by the time this container is in the warehouse from the moment of its manufacture to packaging of products in it. If the cost of containers of own production is not included in the wholesale price of finished products, but is included in the cost of gross and marketable products, the standard for it is not established, since it is taken into account in the standard for finished products.

For returnable containers received from the supplier with raw materials and materials, the working capital rate depends on the average duration of one container turnover from the moment the invoice for the container with the raw material is paid until the supplier has paid the bill for the returned container. The cost of packaging intended for storage of raw materials, materials, parts and semi-finished products in warehouses and workshops is not taken into account when determining the standard of working capital for packaging, since it is part of fixed assets or MBE.

Working capital ratio for spare parts set for each type of spare parts separately based on the timing of their delivery and the time of use for repair. The ratio can be calculated on the basis of standard rates per unit of the book value of fixed assets, using the analytical method based on data from previous years.

IBE standard calculated separately for tools and devices, low-value inventory, special clothing and footwear, special tools and devices.

For the first group, the standard is determined by direct calculation methods based on the relying set of low-value and high-wear tools and their cost. For the second group, the standard is set separately for office, household and industrial inventory. The standard for office and household inventory is determined based on the number of places and the cost of a set of inventory for one place. For production inventory - based on the need for a set of this inventory and its cost.

Working capital ratio for workwear and footwear determined on the basis of the number of employees they are entitled to and the cost of one set. The rate for this group of working capital in the warehouse is determined by multiplying the one-day consumption by the stock rate in days, including transport, current and safety stocks.

For special inventory and devices, the standard is determined based on their relying set, cost and service life.

At enterprises with a small share of MBE in the structure of working capital, the standard is calculated on the basis of the ratio of average actual stocks to the amount of production costs.

Working capital ratio in work in progress must ensure a rhythmic production process and an even supply of finished products to the warehouse. The standard expresses the value of products started, but not finished, at various stages of the production process. As a result of rationing, the value of the minimum backlog, sufficient for the normal operation of production, should be calculated.

The amount of working capital advanced in work in progress is not the same across enterprises and industries. The main reasons for the differences are the characteristics of organizations, the volume of production, and the structure of products.

Rationing of working capital in work in progress is made by groups or types of products for each division separately. If the range of products is diverse, then the standard is calculated for the main product, which makes up 70-80% of its total mass.

The working capital ratio in work in progress is determined by the formula:

H = P * T * K, where

P - one-day production costs;

T is the duration of the production cycle in days;

K is the rate of increase in costs.

One-day costs are determined by dividing the cost of producing the gross (marketable) output of the corresponding quarter by 90.

The product of the duration of the production cycle by the rate of increase in costs is the stock rate in days for the item "Work in progress".

The duration of the production cycle reflects the time spent by products in work in progress from the first technological operation to the complete manufacture of products and transfer to the warehouse.

The production cycle includes technological stock (processing time of an item), transport stock (time of transfer of a product from one workplace to another and to the warehouse), working stock (the time the item stays between processing operations) and safety stock (in case of a delay in any operation ). When calculating the standard, the production cycle is determined for each type of product in calendar days, taking into account the number of shifts of the enterprise's work per day. At enterprises producing a wide range of products, the duration of the production cycle is determined as a weighted average.

The rate of increase in costs reflects the nature of the increase in costs in work in progress by days of the production cycle.

All costs in the production process are subdivided into:

F One-time costs. These include the costs incurred at the beginning of the production cycle (costs of raw materials, basic materials and purchased semi-finished products).

F Increasing costs. The rest of the costs are considered to be growing (depreciation of fixed assets, electricity costs, wages, etc.). The cost increase factor is determined by the ratio of the average cost of an item in work in progress to the total cost of production. The coefficient is determined in different ways for production with a uniform and uneven increase in costs.

If the main share of costs goes into production at the very beginning of the production cycle (one-time), and the remaining (increasing) costs are distributed relatively evenly throughout the production cycle (in mass production), the coefficient is determined by the formula:

A + (0.5 * B)

K = A + B, where

A - costs incurred at the same time at the beginning of the production cycle;

B - other costs included in the cost of production.

With an uneven increase in costs by days of the production cycle, the coefficient is determined by the formula:

(Ce * E) + (C 2* T2)+( C3* T3)+...+(0,5* Cp* T)

K = C * T,where

One-time costs of the first day of the production cycle;

С2, С3, ... - costs by days of the production cycle;

T2, T3 ... - the time from the moment of one-off operations to the end of the production cycle;

Ср - costs incurred evenly during the production cycle;

C is the production cost of the product;

T is the duration of the production cycle.

Costs that increase evenly (Cp) are taken into account in the calculation of the average cost of the product in half, since they are at all stages of work in progress at the same time.

The standard for the item "Prepaid expenses" calculated by the formula:

H = Po + Pn-Pc, where

Ro- the amount of deferred expenses at the beginning of the planning period;

Рn- expenses incurred in the planning period according to the estimate;

Рс - expenses included in the production cost of the planned period.

Finished products manufactured at the enterprise characterize the transition of circulating assets from the sphere of production to the sphere of circulation. This is the only standardized element of circulation funds.

Working capital ratio for finished products determined by the formula:

H = R * D, where

P - one-day release of marketable products at production cost;

D - stock rate in days.

The rate of working capital for annual production is determined separately for finished products in the warehouse and for goods shipped, for which settlement documents are being processed.

The norm for finished products in the warehouse is determined by the time of picking and accumulating products to the required size, storing products in the warehouse before shipment, packaging and labeling products, delivering them to the station of departure and shipment.

The rate for goods shipped, for which documents have not been submitted to the bank, is determined by the established deadlines for issuing invoices and payment documents, submitting documents to the bank, and the time when the amounts are credited to the company's accounts.

Thus, private standards are established for each element of the standardized working capital. Then the aggregate standard of working capital is determined, reflecting the general need of the enterprise for its own working capital in the planning period, by adding private standards.

Next, it is necessary to compare the resulting aggregate standard with the aggregate standard of the previous period in order to determine how the enterprise's need for its own circulating assets changes in the planning period.

The difference between the standards is the amount of an increase or decrease in the standard of working capital, which is reflected in the financial plan of the enterprise.

2.2. Efficiency of using working capital.

In the system of measures aimed at improving the efficiency of the enterprise and strengthening its financial condition, an important place is occupied by the issues of rational use of working capital. The problem of improving the use of working capital has become even more urgent in the conditions of the formation of market relations. The interests of the enterprise require full responsibility for the results of its production and economic activities. Since the financial position of enterprises is directly dependent on the state of working capital and involves the commensuration of costs with the results of economic activities and reimbursement of costs with their own funds, enterprises are interested in the rational organization of working capital - organizing their movement with the minimum possible amount to obtain the greatest economic effect.

The efficiency of using working capital is characterized by a system of economic indicators, primarily the turnover of working capital.

The turnover of working capital is understood as the duration of one complete circulation of funds from the moment the working capital is converted in monetary form into inventories and until the release of finished products and their sale. The turnover of funds is completed by crediting the proceeds to the company's account.

The turnover of working capital is not the same at enterprises of both one and different sectors of the economy, which depends on the organization of production and sales of products, the placement of working capital and other factors. So, in heavy machine building with a long production cycle, the turnover time is the longest, circulating assets turnover faster in the food and extractive industries.

The turnover of working capital is characterized by a number of interrelated indicators: the duration of one turnover in days, the number of revolutions for a certain period - a year, half a year, a quarter (turnover ratio), the amount of working capital employed at the enterprise per unit of production (load factor).

Duration of one turnover of working capital in days (O) is calculated by the formula:

T

O = C: D, where

C - balances of working capital (average or for a certain date);

T is the volume of marketable products;

D is the number of days in the period under review.

A decrease in the duration of one turnover indicates an improvement in the use of working capital.

Number of revolutions for a certain period, or the ratio of the turnover of working capital (To), is calculated by the formula:

T

Ko = S.

The higher the turnover ratio under the given conditions, the better the circulating assets are used.

Load ratio of funds in circulation(Kz), the inverse of the turnover ratio, is determined by the formula:

WITH

Kz = T.

In addition to these indicators, the indicator of the return of working capital can also be used, which is determined by the ratio of profit from the sale of the company's products to the balances of working capital.

The indicators of the turnover of working capital can be calculated for all working capital participating in the turnover, and for individual elements.

The change in the turnover of funds is by comparing the actual indicators with the planned or indicators of the previous period. As a result of comparing the indicators of the turnover of working capital is its acceleration or deceleration.

When the turnover of circulating assets is accelerated, material resources and sources of their formation are freed from circulation, and when the turnover slows down, additional funds are involved in circulation.

The release of working capital due to the acceleration of their turnover can be:

C Absolute release takes place if the actual balances of working capital are less than the standard or the balances of the previous period while maintaining or exceeding the volume of sales for the period under review.

C Relative release working capital takes place in those cases when the acceleration of their turnover occurs simultaneously with the growth of the production program of the enterprise, and the growth rate of the volume of production outstrips the growth rate of the balances of working capital.

The efficiency of the use of working capital depends on many factors, which can be divided into external, influencing regardless of the interests of the enterprise, and internal, which the enterprise can and should actively influence. External factors include such as the general economic situation, tax legislation, conditions for obtaining loans and interest rates on them, the possibility of targeted financing, participation in programs financed from the budget. These and other factors determine the framework in which the company can manipulate the internal factors of the rational movement of working capital.

At the present stage of economic development, the main external factors affecting the state and use of working capital include such as the crisis of non-payments, high taxes, high rates of bank loans.

The crisis in sales of manufactured products and non-payments lead to a slowdown in the turnover of working capital. Consequently, it is necessary to produce those products that can be sold quickly and profitably, stopping or significantly reducing the output of products that are not in current demand. In this case, in addition to the acceleration of turnover, the growth of accounts receivable in the assets of the enterprise is prevented.

At the current rate of inflation, it is advisable to direct the profit received by the enterprise primarily to replenish working capital. The rate of inflationary depreciation of working capital leads to an underestimation of the cost and their flow into profit, where the dispersion of working capital to taxes and non-production costs occurs.

Significant reserves for increasing efficiency and the use of working capital lie directly in the enterprise itself. In the field of production, this applies primarily to production inventories. As one of the components of working capital, they play an important role in ensuring the continuity of the production process. At the same time, production stocks represent that part of the means of production that is temporarily not involved in the production process.

The rational organization of inventories is an important condition for increasing the efficiency of the use of working capital. The main ways to reduce inventories are reduced to their rational use; elimination of excess stocks of materials; improvement of rationing; improving the organization of supply, including by establishing clear contractual terms of supply and ensuring their fulfillment, the optimal choice of suppliers, and streamlined transport operations. An important role belongs to the improvement of the organization of storage facilities.

Reducing the residence time of working capital in work in progress is achieved by improving the organization of production, improving the equipment and technology used, improving the use of fixed assets, primarily their active part, saving on all items of working capital.

The presence of circulating assets in the sphere of circulation does not contribute to the creation of a new product. Their excessive distraction into the sphere of circulation is a negative phenomenon. The most important prerequisites for reducing investment of working capital in this area are the rational organization of the sale of finished products, the use of progressive forms of payment, the timely execution of documentation and the acceleration of its movement, compliance with contractual and payment discipline.

Acceleration of the turnover of working capital allows you to free up significant amounts and, thus, to increase the volume of production without additional financial resources, and use the freed up funds in accordance with the needs of the enterprise.

2.3. Acceleration of the turnover of working capital. Turnover indicators.

The turnover of working capital is an important indicator of the efficiency of their use. The criterion for assessing the efficiency of working capital management is the time factor: the further the working capital is in the same form (monetary or commodity), the lower the efficiency of their use, all other things being equal, and vice versa. The turnover of working capital characterizes the intensity of their use.

The role of the turnover indicator is especially important for the branches of the sphere of circulation: trade, public catering, consumer services, intermediary activities, banking and others.

One of the main indicators of turnover is the duration of one turnover of working capital, calculated in days according to the following formula:

S *T,

where S- the average amount of working capital; T- time period; V- the volume of sales in this period.

The turnover in days allows us to judge how long the circulating assets go through all the stages of the circulation at a given enterprise. The higher the turnover in days, the less money the company needs, the more economically financial resources are used. With a very high turnover, the risk of non-payments and interruptions in the supply of raw materials, materials and components increases.

Turnover is also measured by the number of revolutions made by circulating assets for a certain period of time:

Sales volume over a period of time

Average working capital for the same period

Comparison of the turnover ratios in dynamics over the years allows us to identify trends in the change in the efficiency of the use of working capital. If the number of revolutions made by circulating assets increases or remains stable, then the enterprise works rhythmically and rationally uses circulating assets. A decrease in the number of revolutions made in the period under review indicates a drop in the rate of development of the enterprise and its unfavorable financial condition.

Acceleration of the turnover of working capital promotes their absolute and relative release from circulation. Under absolute release is understood as a decrease in the amount of working capital in the current year compared to the previous year with an increase in the volume of sales of products. Relative a release occurs when the growth in sales outstrips the growth in working capital. In this case, a smaller volume of working capital provides a larger amount of sales. Due to the growth of the total solvent turnover with high inflation, there can be no absolute release of working capital, therefore, special attention is paid to the analysis and creation of conditions for the relative release of resources.

An important factor for the enterprise is also the indicator of the provision of its own working capital, which is calculated as the ratio of the amount of working capital to the total amount of working capital. The Ministry of Finance of the Russian Federation has set the minimum value of this indicator at the level of 10%. It should be noted, however, that the specified standard for the minimum provision of an enterprise with its own circulating assets is not differentiated by areas of activity, and what is normal for trade, etc., is often completely unacceptable for industry. Therefore, when analyzing the indicators, it is advisable to take into account the situation in the industry to which the enterprise belongs.

2.4. Impact of working capital managementon the final results.

The efficiency of the company's working capital management has a great influence on the results of its financial and economic activities.

On the one hand, it is necessary to more rationally use the available circulating resources - we are talking primarily about the optimization of inventories, the reduction of work in progress, and the improvement of settlement forms.

On the other hand, at present, enterprises have the opportunity to choose different options for writing off costs to the cost price, determining the proceeds from the sale of products (works, services) for tax purposes.

For example, depending on the conjuncture of supply and demand, forecasting the volume of sales of an enterprise may be interested in an intensive write-off of costs or in their more even distribution over a period. To do this, it is important to choose from the list of options the one that will meet the set goals. It is necessary to trace the impact of the decisions made on the cost price, profit and taxes.

A significant part of these alternative possibilities relates to the management of the company's working capital. Let's consider some examples of the influence of the decisions made on the final financial results (profit, loss).

For low-value and fast-wearing items (MBE), there is currently a limit on the cost of attributing them to working capital - 100 times the minimum wage per month. The head of the enterprise has the right to set a lower limit on the cost of the MBE, which will lead to a decrease in costs attributed to the cost price in this period as a result of a lower write-off of depreciation.

In addition, different methods of calculating the depreciation of the IBE are possible:

accrual of 100% depreciation immediately upon transfer to operation, which will increase the costs of the current period;

accrual of 50 percent depreciation when transferring the MBE into operation and 50 percent depreciation (less returnable materials at the price of possible use) - upon disposal. MBEs worth 1/20 of the established limit are written off to cost, regardless of the depreciation method chosen.

Inventories are the least liquid item among the items of current assets. It takes time for this article to turn into cash, not only to find a buyer, but also to receive payment for the product from him later.

The analysis of this article is essential for effective financial management. Inventories can make up a significant share not only in the composition of current assets, but also in the overall assets of the enterprise. This may indicate that enterprises are experiencing difficulties in selling their products, which in turn may be due to low product quality, violation of production technology and the choice of ineffective sales methods, insufficient study of market demand and market conditions. Violation of the optimal level of inventories leads to losses in the activities of the company, since it increases the costs of storing these inventories, diverts liquid funds from circulation, increases the risk of depreciation of these goods and a decrease in their consumer qualities, leads to the loss of customers, if this is caused by a violation of any or the characteristics of the goods. In this regard, determining and maintaining the optimal volume of reserves is an important part of the financial work.

Inventories are reported in accordance with the rule of the lowest of two estimates - at cost or market price. According to generally accepted standards, the basis for assessing inventories is the cost price, which is understood as the cost of their acquisition. These costs are not constant and change as a result of fluctuations in prices for these goods, and therefore the same type of goods may have a different cost depending on the period of its purchase. With a large amount of inventory, it is difficult to determine the actual cost of goods already in processing and goods still in stock. To solve this problem, accounting uses the assumption that the sequence of receipt of stocks for processing is interpreted not as a flow of physical units of goods, but as a movement of their value (flow of cost). In accordance with this, the following methods for assessing stocks are used: at the cost of each unit of purchased goods (specific identification method); by average cost, in particular by weighted average cost and moving average cost; at the cost of the first purchases (in time) FIFO (first-in-first-out - FIFO); at the cost of the last LIFO purchases (last-in-first-out - LIFO).

The valuation method based on determining the cost of each unit of purchased inventory is to account for their movement at actual cost. To use this method, physical identification of all purchases of inventory items is required, which is quite difficult to do in a large-scale production environment. In this regard, this method, despite its accuracy, can only be used by those firms that either carry out special orders for the production of any product. or they carry out transactions with relatively small losses of expensive goods (jewelry and cars, some types of furniture).

The FIFO valuation of stocks is based on the assumption that stocks are used in the same sequence in which they are purchased by the enterprise, that is, stocks that go into production first should be valued at the cost of the first purchases in time.

The order of evaluation does not depend on the actual sequence of expenditure of materials. When calculating, the formula is applied:

where is the cost of materials consumed, is the remainder of materials at the beginning of the period, is the cost of received materials for the entire period, is the remainder of the material at the end of the period.

Remaining materials at the end of the period are valued at the price of the last purchase:

where is the quantity of materials at the end of the reporting period in physical terms, is the price of the last purchase.

The LIFO method allows you to more accurately determine the cost of goods sold and net profit from sales, but distorts the cost of inventory at the end of the period. But unlike the FIFO method, the LIFO method provides a link between current income and expenses (the principle of correspondence) and allows you to smooth out the influence of inflation. With an increase in prices, the profit reflected by the enterprise in the reporting decreases.

All the above methods for assessing inventories comply with international accounting and reporting standards.

Chapter 3. Analysis of the financial condition of the enterprise.

3.1. Brief description of the enterprise.

The Association of Nuclear Geophysics of Russia was organized in 1990 (at the time of its formation - the AGN of the USSR).

AGN was the first association among professional associations of geologists and geophysicists engaged in prospecting, exploration, development and control over the exploitation of ore and hydrocarbon minerals using analytical and downhole methods of nuclear geophysics:

The initiators of the creation and the first members of the Association of Nuclear Geophysics were academicians: Heroes of the Soviet Union G.N. Flerov, V.I.Mostovoy, member. corr. Academy of Sciences of the USSR E.V. Karus, prominent scientists - Bespalov D.F., Miller V.V., Blumentsev A.M., Baranovskaya A.V., Grumbkov A.P., Kozhevnikov D.A., Polyachenko A. L., Martyanov I.A., Baykov D.G., Yakubson K.I., Gorbatyuk O.V., Khaikovich I.M., et al.

The first President of the Association was the director of VNIIGeosystems, Professor O. Kuznetsov, who has been elected President of the AGN for the fourth time.

For 10 years, the relevance of the existence of the AGN has not been lost, and even, on the contrary, in our very difficult time, it has acquired more definite outlines of its activities, when professional association and comprehensive support of specialists working in both scientific and industrial organizations engaged in nuclear geophysics is required.

On September 9, 1998 in Moscow, the next IV report-election conference of the Association of Nuclear Geophysics was held, at which the report of the Executive Directorate on its activities was heard, the Board of the Association was elected and the main directions of work for 1999-2000 were determined.

from 1997 to 2000 within the framework of the work carried out by the association, the following was done:

• articles dedicated to the memory of D.F. Bespalov, one of the first creators of pulsed neutron logging equipment;
• took part in the organization of the International Conference "Nuclear Geophysics-97" (Poland, Krakow), based on the materials of the conference, reports of conference participants from Russia were prepared and published on the pages of the journal "Geoinformatics", as well as a collection of proceedings of the conference in English in Poland ;
• took part in the organization of the International Conference SPWLA "Moscow-98", within the framework of the conference an evening of meeting of the conference participants was held, dedicated to the memory of outstanding Russian scientists-pioneers of nuclear geophysics;
• carried out charitable and patronage assistance to members of the AGN, etc.

The conference approved the work of the Board and Directorate of the AGN and determined the following main directions of the Association's activities for the subsequent period:

~ information service for the members of the Association;

~ popularization of new methodological, instrumental and technological projects in nuclear and complex geophysics;

~ organization of thematic conferences with the wide involvement of specialists from the CIS countries;

~ development of publishing activities: the release of thematic works, conference proceedings, abstracts, etc .;

~ promotion of promising Russian developments and technologies in nuclear geophysics in the Russian and foreign markets of geophysical services;

~ support of work on radiation safety and when using sources of ionizing radiation, etc.

The goals and objectives of the AGN are:

n assistance in creating favorable conditions for the creative and business activity of specialists working in the field of nuclear geophysics, increasing their social security;

n assistance in ensuring a high level of developments that meet international requirements, including the requirements of radiation safety and ecology, their rapid and effective application in the Russian Federation;

n promoting the accelerated development of nuclear geophysics;

n promoting the creation of competitive AGN products.

3.2. The financial condition of the enterprise.

Analysis of the financial condition of the Association of Nuclear Geophysics.

During the analyzed period, the balance sheet increased by 384,373.7 million rubles. or by 30.3% and at the end of the year amounted to 1,652,306 million rubles.

Balance sheet asset structure

(million rubles)

Balance sheet items	as of 01.01.97		as of 01.01.98		deviation (+, -)
	sum		sum		absolute.
Fixed assets
incl. Fixed assets
Construction in progress
Current assets
incl. Stocks
Receivables
Cash
Losses
Currency

Balance sheet liability structure

(million rubles)

Balance sheet items	as of 01.01.97		as of 01.01.98		deviation (+, -)
	sum		sum		absolute.
Sources of own funds
incl. Of the Criminal Code
Targeted funding and receipts
Borrowed funds
incl. bank loans
Accounts payable
incl. suppliers and contractors
Currency

The table shows that on the asset side, the increase in the balance was due to the growth of work in progress by 406,352 million rubles. (4.5%). Current assets decreased significantly by 18,627 million rubles (3.9%), which affected the overall financial condition of the AGN. There is a decrease in the amount of fixed assets. Accounts receivable decreased by 13,539 million rubles. mainly due to subsidiaries and affiliates. At the reporting date, the company had uncovered losses of previous years in the amount of 449.2 million rubles.

On the side of liabilities there was an increase mainly due to a sharp increase in accounts payable by 307,690 million rubles. (17.4). Debt to non-budgetary funds amounts to 1,291.8 million rubles. and before the budget of 568.8 million rubles. The amount of borrowed funds for the year increased by 80,713 million rubles. During the year, there was a decrease in the share of "Own funds" in financing. In 1997, the AYAG did not have any profits.

Considering the structure of external sources of financing (targeted financing, as a source of own funds), one can notice a drop in the share of advance payments and an increase in debt under items of settlements with creditors. This indicates a decrease in the financial reliability of the enterprise.

Financial soundness indicators

(million rubles)

	The name of indicators	as of 01.01.97	as of 01.01.98
	Own funds
	The amount of the company's liabilities
	Accounts receivable
	Enterprise property
	Ownership (independence) coefficient
	Share of borrowed funds
	The ratio of borrowed and own funds
	Share of receivables in the value of property
	Share of own and long-term borrowed funds in the value of property

The value of the calculated indicators does not give grounds for a positive assessment of the financial condition of the enterprise.

The excess of liabilities over the assets of the Company was not found. The net asset value as of 01.01.98 is 645,521.9 million rubles.

Assessment of balance sheet structure

	The name of indicators	as of 01.01.97	as of 01.01.98	norm
	Current liquidity ratio			not less than 2.0 (1.5)
	Equity ratio			not less than 0.1
	Solvency recovery rate			not less than 1.0

The financial condition of the enterprise for the reporting period should be characterized as unstable, due to insufficient provision of working capital and cash to cover short-term liabilities. The ratio of accounts receivable and payable shows that accounts payable is 3 times higher than accounts receivable.

Conclusion.

Rational use of circulating assets predetermines the overall development of the enterprise. The formation and use of working capital requires careful analysis.

In a market economy, an enterprise should pay great attention not only to marketing research, market research, but also to the effective use of available internal resources. An important indicator of economic analysis is cost. It largely depends on the methods of inventory management (FIFO and LIFO).

The company must first of all care about making a profit, since profit is an important indicator of the company's position in the market. The amount of profit depends on the effective use of working capital (their turnover).

Thus, it should be noted that along with fixed assets for the successful operation of the enterprise, working capital, their optimal amount and effective use are of great importance.

When you talk about fixed assets and working capital, the question of the effectiveness of their use and application necessarily arises.

The increase in the efficiency of fixed assets is carried out due to a faster development of new capacities, an increase in the shift in the work of machines and equipment, an improvement in the organization of the material and technical base, repair service, advanced training of workers, technical re-equipment of enterprises, modernization and organizational and technical measures.

In the system of measures to improve the efficiency of social production, an important place is occupied by the issues of rational use of working capital in all spheres of human activity, especially in industry.

With the most economical use of circulating assets, with freed up resources, it is necessary to strengthen the financial condition of enterprises and associations, increase the material interest of workers and employees in increasing the efficiency of industrial production.

For normal operation, it is not enough for an enterprise to have only fixed assets. By themselves, machine tools, machines, buildings, equipment cannot conduct any production activity. The enterprise needs raw materials, materials, components, fuel. Since the company itself does not produce all this, it means that it needs money to purchase from suppliers (Fig. 1).

Rice. 1. The movement of working capital

Thus, working capital refers to the funds required by the enterprise to create inventories in warehouses and in production, for settlements with suppliers, the budget, for paying wages, etc. Insufficient provision of the enterprise with working capital leads to a deterioration in its financial situation

In its movement, circulating assets go through three stages (Fig. 2)

Rice. 2. Circulation of working capital

In the first stage the funds of the enterprise, which are used to purchase raw materials, materials, fuel, components necessary for the implementation of production activities, take the form of inventories. circulating asset enterprise

In the second stage Inventories in the production process are transformed into work in progress and finished goods.

In the third stage in the process of selling products, the enterprise again receives money. Thus, the circulating assets make a turnover, and then this process is repeated.

Working capital can be classified on several grounds. Let's dwell on the most important classifications.

1. By functional role in the production process. The circulating assets of the enterprise consist of circulating production assets and circulation funds (Fig. 3).

Rice. 3.

The structure of circulating assets is understood as the ratio of their individual elements in the total aggregate.

Revolving production assets are production inventories, work in progress and prepaid expenses. The amount of working capital included in the working capital is determined primarily by the organizational and technical level of production and the duration of the production cycle in the manufacture of products.

Circulation funds- these are stocks of finished products, goods shipped but unpaid, as well as funds in settlements and cash on hand and on accounts. They do not participate in the formation of value, but are carriers of the already created value. The main purpose of the circulation funds is to provide the rhythm of the circulation process with monetary funds.

Productive reserves- these are raw materials, basic materials and semi-finished products, auxiliary materials, fuel, containers, spare parts, labor tools with a service life of no more than one year.

Raw materials are the material basis for the manufacture of a product. Raw materials are a product of the labor of other enterprises, which has value. Semi-finished products are parts, assemblies and products that have not gone through all stages of processing, assembly, testing, completing and acceptance, as well as objects of labor, the manufacture of which is completely finished in one workshop, but their further processing is required in other workshops of the enterprise, or they can be sold ... Auxiliary materials, unlike raw materials and purchased semi-finished products, do not form the main content of the manufactured product, but only contribute to the implementation of the technological process in the formation of the product.

Unfinished production- products that have not passed all stages (phases) of production, as well as technical acceptance, unfinished work, not accepted by the customer.

Future expenses- the costs of the enterprise associated with the production of products, works and services in the reporting period, although the works and services themselves may be carried out in the following periods. These include payments for the rental of fixed assets, the cost of subscription to publications for official use, payment for communication services, advertising of products, the acquisition of licenses for the design of objects, the construction of which will be carried out in the following periods, etc. The peculiarity of future expenses is that they are produced in the reporting period at a time, and are included in the cost of production gradually - monthly, in equal shares throughout the period to which they relate.

Finished products- value indicator of the volume of products produced. It includes products, the production of which is fully completed. A finished product is a product that fully meets the requirements of standards or technical conditions, handed over to the finished product warehouse, intended for sale or shipment to customers.

Receivables- the amount of debts of legal entities and individuals (debtors) to the enterprise on various grounds: debts for shipped products, services rendered; the amount of fines, penalties, arrears collected from suppliers for violation of contractual obligations; the amount of debt of workers and employees on loans granted to them for the construction of housing, etc.

Cash is part of the circulation funds of the enterprise and is the most liquid part.

2. On the regulation of working capital.

Working capital is divided into standardized and non-standardized (Fig. 4).

Rice. 4.

The standardization of working capital consists in the development of economically justified values ​​of working capital necessary for the organization of the normal operation of the enterprise. Lack of working capital leads to interruptions in work, up to the shutdown of the enterprise. An excess of working capital leads to additional storage costs. Thus, in the process of rationing, it is necessary to determine the amount of money necessary for the formation of constant minimum, and at the same time sufficient stocks of material values.

When standardizing working capital, the following methods are used:

• · Analytical, or experimental and statistical;
• · Direct account;
• · Coefficient.

The analytical, or experimental-statistical, method of rationing reflects the established practice of organizing production, supply and sales. Its essence lies in the fact that when analyzing the available inventory, their actual stocks are adjusted and unnecessary and unnecessary values ​​are excluded.

The direct counting method provides for a scientifically grounded calculation of stocks for each element of working capital under conditions of a high organizational and technical level of enterprises, taking into account all changes in the development of technology and technology, organization of production, transportation of inventories.

With the coefficient method, amendments are made to the consolidated standard of the previous period for the planned change in the volume of production and the acceleration of the turnover of funds. The use of differentiated coefficients for individual elements of working capital is permissible if the standards are periodically updated by direct counting.

Rationing the consumption of material resources- This is the establishment of the maximum permissible amount of raw materials or materials necessary for the manufacture of products or the performance of work, taking into account the implementation of the planned organizational and technical measures to improve production. Rationing the consumption of material resources is aimed at identifying and mobilizing internal reserves for the rational use of material resources. Reducing the specific material costs for the production of a unit of output and work (reducing material consumption) can increase the efficiency of working capital and reduce the cost of living labor.

Consumption rates of material resources can be annual, which reflect the marginal consumption of material resources per unit of production (or work) on average per year. Annual rates may include quarterly, which is advisable when establishing rates of consumption of materials, the consumption of which varies depending on the season.

Operational and technical standards reflect the limiting consumption of raw materials and materials for specific conditions of the technological process and a given level of production organization.

Unit norms reflect the consumption of materials per unit of a specific product manufactured at a specific plant or type of equipment. Consolidated norms characterize the consumption of materials for the same product (work) performed by several homogeneous enterprises.

Product standards determine the planned consumption of materials for the product as a whole, and for detail- consumption of materials for one specific part.

Rationing of working capital begins with determining the average daily consumption of raw materials, basic materials and purchased semi-finished products in the planning period. The average daily consumption is calculated by groups, and in each group, the most important types of raw materials are distinguished, materials that make up approximately 80% of the total cost of material resources of the corresponding group. The average daily consumption of material resources (P) is the quotient of dividing the sum of all planned annual expenses for an annual calendar period (360 days).

The production stock ratio includes:

• * current stock, which is designed to provide production with material resources between two successive deliveries and is defined as the product of the average daily consumption (P day) by the interval between deliveries in days (I), i.e. TK = P day x I. The current stock reaches its maximum value at the moment next delivery. As it is used, it decreases and is completely consumed by the time of the next delivery;
• * safety stock, which is defined as half of the product of the average daily material consumption (P day) by the gap in the supply interval
• (And = And fact - And plan): SZ = P days x (And fact - And plan) x 0.5.

With a coarse estimate, it can be taken as 50% of the current stock. When a consumer enterprise is located far from transport routes, or non-standard, unique materials are used, the safety stock rate can be increased to 100%. When materials are delivered under direct contracts, the safety stock is reduced by up to 30%.

Safety stock arises as a result of a violation of the delivery time of the material by the supplier;

- transport stock generated if the delivery time violation is related to the transport organization. It is calculated in the same way as the safety stock:

T p3, = P x (And fact - And plan) x 0.5;

* technological stock is created in cases where the incoming material values ​​do not meet the requirements of the technological process and undergo appropriate processing before being put into production. The technological stock is equal to the product of the manufacturability factor of the material K those (established by a commission of representatives of the supplier and the consumer) by the amount of stocks:

Those 3 = (ТЗ + СЗ + Т р,) х К those.

The result of the standardization of working capital is the determination of the overall need of the enterprise in working capital (Fig. 5).

Rice. 5.

The company's need for working capital depends on the following factors:

• · Volumes of production and sales;
• · Type of business;
• · Scale of activity;
• · The duration of the production cycle;
• · Capital structure;
• · Accounting policies and settlement systems;
• · Conditions and practice of lending to economic activities;
• · The level of material and technical supply;
• · Types and structure of consumed raw materials;
• · Growth rates and volumes of production and sales of products;
• · The art of managers and accountants.

The total need of an enterprise for working capital represents the total need for raw materials and materials, work in progress, finished goods, stocks of goods, cash on hand and other material values.

The need for circulating assets for raw materials and materials is determined by multiplying their one-day consumption by the stock rate for them, which, like all other rates, is set by the economic entity independently.

The need for working capital for work in progress is determined by multiplying the one-day production output by the rate of work in progress.

The need for working capital for finished products is established by multiplying the one-day output of products at cost by the rate of their stock.

The need for circulating assets for stocks of goods is determined by multiplying the one-day turnover of these goods at purchase prices by the rate of their stock.

The need for cash at the cash desk and for transfers in transit is determined by multiplying the one-day turnover at sales prices by the norm of the stock of cash.

The turnover is called the proceeds from the sale of goods at sales prices directly to the consumer.

The need for working capital for other material assets is established by the direct account method or by the calculation and analytical method.

3. By sources of working capital.

The structure of sources of working capital covers own, borrowed and additionally attracted sources (Fig. 6).

Rice. 6.

The presence of own, borrowed and additionally attracted sources of working capital in the turnover of the enterprise is explained by the peculiarities of the organization of the production process.

A constant minimum amount of funds for financing production needs is provided from its own sources: profit, authorized, additional and reserve capital.

The temporary need for working capital, which arose under the influence of various reasons, is covered by borrowed and additionally attracted sources.

Bank loans are provided in the form of long-term or short-term loans to finance the costs of acquiring fixed and current assets, as well as the seasonal needs of the enterprise, temporary growth of inventories, receivables, etc.

Short-term loans can be provided by government agencies, financial companies, commercial banks, factoring companies.

Investment tax credits are provided to enterprises by state authorities. It represents a temporary deferral of tax payments.

The employee investment contribution is an interest-bearing cash contribution to the company.

Accounts payable - funds temporarily attracted by an enterprise and subject to return to legal entities and individuals (creditors).

To analyze the use of working capital, assessing the financial condition of the enterprise and developing a plan of organizational and technical measures to accelerate their turnover and reduce the duration of one turnover are used indicators, which reflect the real process of movement of circulating assets and the amount of their release.

Estimated need for working capital directly proportional to the volume of production and back proportional to the speed of their circulation (number of revolutions). The more the number of revolutions, the less the need for working capital.

Turnover of working capital(turnover ratio) is characterized by the number of revolutions made by working capital for the reporting period (year), and is the ratio of products sold (RP) to the average balance, or standard, working capital (OS):

Ko = RP / OS,

From the standpoint of efficiency, it is necessary to increase the turnover ratio.

The introduction of the achievements of scientific and technological progress and a clear organization of material and technical supply and sales have a great influence on the acceleration of turnover. The indicator reflecting the time (duration) of one revolution in days (D) can be calculated as the ratio of the number of calendar days in a year (360 days) to the number of revolutions (O): D = 360 / O, or as a ratio, where in the numerator - the product of the average balance of working capital (OS) by the number of calendar days in a year (OS x 360), and in the denominator - the cost of sales (C real):

D = (OS x 360) / C real.

Acceleration of the turnover of circulating assets allows, at a constant cost of the volume of production, to release part of the circulating assets.

The working capital utilization characterizes the working capital utilization factor. It is the inverse of the turnover ratio and shows the amount of working capital spent on one ruble of sales:

Kz = OS / RP,

From the point of view of efficiency, the load factor should decrease.

The main indicator that evaluates the actual consumption of material resources per unit of production in physical or value terms is the consumption of materials (M).

Relative material consumption (Mo) shows the consumption of a particular type of material resources in actual units or in rubles per one ruble of manufactured (sold products).

Mo = Qi / RP, or Mo = Qi x P / RP,

where Qi is the amount of a specific resource,

P is the price of a material resource.

Specific material consumption (Mu) estimates the actual consumption of material resources per unit of production in physical or value terms. This material consumption can be measured by various indicators:

1) the specific consumption of material resources per physical unit of manufactured products.

where Q is the entire amount of consumed material resources;

N is the number of product units.

2) the amount of consumption of several types of material resources in value terms per physical unit of manufactured products (rubles per 1 ton, 1 m 3, etc.).

where: n is the number of materials used;

P - prices for material resources

From the point of view of efficiency, material consumption should decrease.

For the production of products, the means of labor alone (machines, fixtures, equipment) are not enough. In addition to them and the labor of the enterprise employees, the source material, raw materials, blanks are also needed - that from which the finished product is created in the production process - the objects of labor. And in order to be able to buy these objects of labor from suppliers and pay for the labor of workers, the enterprise needs money. Items of labor and monetary resources together form working capital of an enterprise... Management, determination of the optimal size, write-off of working capital into production - all these are important and pressing issues for any enterprise. You will find the answers to them and the indicators of working capital in this article.

Working capital: concept, composition and role in production

Working capital Is the enterprise's funds advanced into circulation funds and circulating production assets.

Working capital- This is a cost estimate of circulation funds and working capital assets.

The main purpose of working capital is ... make a turn! In the course of such a process, circulating assets change the material form to monetary, and vice versa.

The circulation of the company's working capital: money - goods, goods - money.

For example, a company has some funds that it spends on the purchase of raw materials and materials. This is the first transformation: money (not necessarily cash) was transformed into material objects - stocks (parts, blanks, material, etc.).

The inventory is then processed during the manufacturing process, moving into the work-in-progress (WIP) stage and ultimately becoming a finished product. These are the second and third transformations - stocks have not yet turned into cash for the enterprise, but have already changed their form and role.

And finally, the finished product is sold to the outside (sold to consumers or resellers) and the company receives money that can be spent again on the purchase of resources to resume the production process. And everything is repeated again in the second round. This is the fourth conversion of finished goods into cash.

Turnover of working capital- the most important indicator. The faster the funds of the enterprise turn around, the less the time gap between investments in production and the receipt of returns - revenue (and with it profit).

It is important that the working capital of an enterprise, in contrast to fixed assets, participates in the production cycle only once and at the same time completely transfers its value to the finished product! This is what is the main difference between the working capital.

The structure of working capital includes various groups of objects of labor and cash. Enlargedly, they are all divided into two large groups: circulating production assets and circulation funds. More about them below.

Composition of working capital:

1. Revolving production assets - include:

   a) production (warehouse) stocks- objects of labor that are still awaiting entry into production. Include:
   - raw materials;
   - basic materials;
   - purchased semi-finished products;
   - accessories;
   - auxiliary materials;
   - fuel;
   - container;
   - spare parts;
   - fast-wearing and low-value objects.

   b) stocks in production- objects of labor that have entered production, but have not yet reached the stage of finished products. Inventories in production include the following types of working capital:
   - work in progress (WIP) - processed products that are not yet finished and have not arrived at the finished product warehouse;
   - deferred expenses (BP) - the costs that the company bears at the moment, but they will be written off to the prime cost in the future period (for example, the cost of mastering new products, creating prototypes);
   - semi-finished products for own consumption - semi-finished products (for example, spare parts) produced by the enterprise itself exclusively for internal needs.

2. Circulation funds - these are the funds of the enterprise associated with the sphere of circulation, that is, with the maintenance of goods turnover.

   Circulation funds consist of the following elements:

   a) finished products:
   - finished products in stock;
   - shipped products (goods in transit; products shipped but not yet paid for).

   b) cash and settlements:
   - cash on hand (cash);
   - funds in the current account (or on the deposit);
   - profitable assets (funds invested in securities: stocks, bonds, etc.);
   - receivables.

The percentage between individual groups or elements of working capital is structure of working capital.

For example, in the production sphere, the share of circulating production assets is 80%, and of circulation funds - 20%. And in the structure of industrial stocks in industry, the first place (25%) is occupied by basic materials and raw materials.

The structure of the working capital of an enterprise depends on the industry, the specifics of the organization of production (for example, the introduction of the same logistics concepts greatly changes the structure of the working capital), the conditions of supply and sale, and on many other factors.

Sources of formation of the working capital of the enterprise

Everything sources of working capital of the enterprise can be divided into three large groups:

1. - their size is determined by the company independently. This is the minimum amount of stocks and funds sufficient for the normal functioning of production and sales, timely settlements with counterparties.

   Own sources of formation of working capital:
   - authorized capital;
   - Extra capital;
   - Reserve capital;
   - accumulation funds;
   - reserve funds;
   - depreciation deductions;
   - retained earnings;
   - other.

   An important indicator here is its own working capital, or, in other words, the working capital of the enterprise.

   Own working capital (working capital) Is the amount by which the current assets of the enterprise exceed its short-term liabilities.

2. Borrowed working capital- cover temporary additional need for working capital.

   As a rule, short-term bank loans and borrowings are used as a borrowed source of working capital.

3. Raised working capital- they do not belong to the enterprise, they were received from the outside, but are temporarily used in circulation.

   Attracted sources of working capital: accounts payable of the enterprise to suppliers, wage arrears to employees, etc.

Determination of the enterprise's need for its own circulating assets is made by it in the process of rationing.

This calculates working capital standard according to one of the special methods (direct counting method, analytical method, coefficient method).

This is how the rational volume of circulating assets used in the sphere of production and the sphere of circulation is determined.

Methods for writing off working capital into production

You can write off the working capital of an enterprise in production in various ways, each of which has its own advantages and disadvantages. Basic methods:

1. FIFO method(from the English. "First In First Out" - "first came, first left") - stocks are written off to production at the price of those stocks that arrived at the warehouse first. At the same time, within the framework of the FIFO method, it does not matter how much the circulating assets written off into production actually cost.
2. LIFO method(from the English "Last In First Out" - "the last one came, the first one left") - stocks are written off to production at the price of those stocks that arrived at the warehouse last. With the LIFO method, the cost of the written off inventory is also not important, since they will be accounted for at the price of the last ones received at the warehouse.
3. At the cost of each unit- that is, each unit of working capital is written off to production at its cost (so to speak "by the piece").

   An example of writing off inventories using this method: accounting for jewelry, precious metals, etc.

4. Average cost- the average cost is calculated for each type of inventory and already for it the inventory is written off to production.

   This is perhaps the most widespread practice at Russian enterprises.

The optimal amount of working capital

One of the most important questions is the definition optimal amount of working capital, for example, the amount of inventory. To find the optimal provision with working capital of the enterprise, special methods are used (ABC analysis, Wilson's model, etc.). The solution to this problem is the theory of inventory management and logistics (for example, the concept of "Just-in-time" seeks to minimize warehouse stocks almost to zero).

The optimal amount of working capital- this is their level at which, on the one hand, an uninterrupted production process and its implementation is ensured, and on the other hand, additional and unjustified costs do not arise.

At the same time, both large and small circulating assets of the organization (reserves) have their pros and cons.

Large amount of working capital (pros and cons):

• ensuring a smooth production process;
• availability of a safety stock in case of supply disruptions;
• the purchase of stock in large quantities allows you to get discounts from suppliers and save on transportation costs;
• the opportunity to win when prices rise by purchasing resources in advance at a lower price;
• large sums of money allow you to pay suppliers on time, pay taxes, etc.

• large stocks - a high risk of spoilage;
• the amount of property tax is increasing;
• the costs of maintaining stocks are growing (additional storage space, personnel);
• immobilization of working capital (in fact, they are “frozen, withdrawn from circulation, do not work).

Small amount of working capital (pros and cons):

• minimal risk of deterioration of stocks;
• the costs of maintaining stocks are reduced (less storage space, personnel and equipment are required);
• acceleration of the turnover of working capital.

• the risk of disruptions in production due to late deliveries (after all, then the warehouse simply will not have the required amount of stock);
• an increase in the risks of untimely settlements with suppliers, creditors, and the tax budget.

Turnover ratio and turnover of working capital

The efficiency of using working capital and their condition can be analyzed using indicators such as the turnover ratio (working capital ratio) and turnover.

Working capital turnover ratio(To vol.) - a value showing how many full revolutions were made by circulating assets during the analyzed period of time.

The ratio of the turnover of working capital is calculated (a tautology is obtained, but what can be done) as the ratio of the volume of products sold to the average value of the company's working capital for the year. That is, this is the value of products sold per 1 ruble of working capital:

where: K vol. - the ratio of the turnover of current assets;

RP - products sold per year (annual proceeds from sales), rubles;

OBS Wed - the average annual balance of working capital (according to the balance sheet), rubles.

Turnover(T rev.) - the duration of one complete revolution in days.

The turnover of current assets is calculated according to the following formula:

where: T about. - turnover of working capital, days;

T p. - the duration of the analyzed period, days;

To vol. - the ratio of the turnover of current assets.

Acceleration of turnover allows you to draw additional funds into circulation, increase the return on their use, shorten the period between investment and profit.

Slowdown turnover- a sign of "freezing" of resources, their "stagnation" in stocks, work in progress, finished goods. Accompanied by the diversion of funds from circulation.

Let's summarize. Working capital is the most important component of economic activity, without which it is simply impossible to manufacture products and sell goods to consumers. This is a kind of "blood" in the "organism" of the enterprise, feeding its "organs" (workshops, warehouses, services). And the efficiency of working capital, the efficiency of their use, has a huge impact on the economic results of the company.

Galyautdinov R.R.

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