Determining the needs of the enterprise in its own working capital ah is carried out in the process of rationing, i.e., determining the standard of working capital. The purpose of rationing is to determine the rational amount of working capital diverted for a certain period into the sphere of production and the sphere of circulation. To determine the standard, the average daily consumption of normalized elements in monetary terms is taken into account.

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

H=Npz*Cpz (2.1)

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

SDR -- the average daily consumption of raw materials, materials and purchased semi-finished products; Npz - 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 set 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 set based on the time required to create transport, preparatory, technological, current warehouse and insurance stocks.

The transport reserve is necessary in cases where the time of movement of goods in transit exceeds the time of movement of documents for its payment.

The transport stock in days is defined as the difference between the number of days of cargo run and the number of days of movement and payment of documents for this cargo.

A preparatory stock is 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.

The technological reserve 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, holding of raw materials, heating, settling and other preparatory operations). Its value is calculated according to established technological standards.

The current warehouse stock is recognized, to ensure the continuity of the production process between the supply of materials, so in the industry it is the main one. The size of the warehouse stock depends on the frequency and uniformity of supplies, 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 current stock rate is taken at a rate of 50% of the delivery interval. At enterprises where raw materials come from one supplier and the number of types of material assets used is limited, the stock rate can be taken as 100% of the delivery interval.

The safety stock is created as a reserve that guarantees an uninterrupted production process in case of violation of the contractual conditions for the supply of materials (incompleteness of the received batch, violation of the delivery time, inadequate quality of the materials received).

The value of the safety stock is accepted, as a rule, within the limits of up to 50% of the current warehouse stock. It can be 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 standard of working capital for auxiliary materials is established for two main groups. The first group includes materials consumed regularly and in large quantities. The standard is calculated in the same way as for raw materials and basic materials. The second group includes auxiliary materials that are rarely used in production and in small quantities. The standard is calculated by the analytical method based on data for previous years.

The general norm of working capital for auxiliary materials is the sum of the norms of both groups.

The working capital ratio for fuel is 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 output by workshop; for non-production - based on the amount of work performed.

The rate of working capital for containers is determined depending on the method of its preparation and storage. Therefore, the calculation methods for containers in different industries are not the same.

For containers of own production used for packaging finished products and included in their 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 the 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 set, since it is taken into account in the standard for finished products.

For returnable packaging received from the supplier with raw materials and materials, the working capital rate depends on the average duration of one turnover of the container from the moment the invoice for the container together with the raw materials is paid until the invoice for the returned container is paid by the supplier. The cost of containers intended for the 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 containers, since they are included in fixed assets or low-value and wearing items.

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

The standard for low-value and wearing items is calculated separately for tools and fixtures, low-value inventory, special clothing and footwear, special tools and fixtures.

For the first group, the standard is determined by the direct counting method based on the set of low-value and wear-resistant tools and its cost. For the second group, the standard is set separately for office, household and industrial equipment. The standard for office and household inventory is determined based on the number of places and the cost of a set of inventory per place. For production inventory - based on the need for a set of this inventory and its cost.

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

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

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

The standard of working capital in work in progress is determined by the formula

H \u003d Hnp * Svp (2.2)

where NNP is the rate of working capital for work in progress; SVP-one-day costs for the production of gross output.

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

The product of the duration of the production cycle and the cost escalation factor is the stock rate in days for the item "Work in progress".

Hnp \u003d Pts * Kn (2.3)

Where Pc is the duration of the production cycle in days; Kn-coefficient of increase in costs.

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 (time for processing a product), transport stock (time for transferring a product from one workplace to another and to a warehouse), working stock (time for products to stay between processing operations) and insurance 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 in the work of the enterprise per day. At enterprises producing a wide range of products, the duration of the production cycle is determined as a weighted average.

The cost escalation coefficient reflects the nature of the increase in costs in work in progress by days of the production cycle. The cost escalation factor is determined by the ratio of the average cost of a product in work in progress to the total cost of production. The coefficient is determined 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 serial production), the coefficient is determined by the formula

K \u003d A + (0.5 * B) / (A + B) (2.4)

where A is the costs incurred at a 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

K \u003d (Ce * T) + (C2 * T2) + (C3 * T3) + ... + (0.5 * Cp * T) / (C * T) (2.5)

where Ce -- one-time costs of the first day of the production cycle; С2,СЗ, ... - costs by days of the production cycle; Т2,ТЗ, ... - time from the moment of one-time operations to the end of the production cycle;

Cp -- costs incurred uniformly during the production cycle;

C - 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 article "Deferred expenses" is calculated according to the formula

H \u003d Po + Pn - Pc (2.6)

where Ro is the sum of deferred expenses at the beginning of the planning period.

Pn - expenses incurred in the planning period according to the estimate; Rs -- the costs included in the cost of production of the planned period.

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

The standard of working capital for finished products is determined by the formula

H=Ngp*Vtp (2.7)

where Vtp -- one-day output of marketable products at production cost;

Ngp - stock rate in days.

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

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

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

Thus, private standards are established for each element of the normalized working capital. Then, the total 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, you need to compare the received total standard with the total standard of the previous period in order to determine how the company's need for its own working capital changes in the planning period.

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

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 amount of working capital depends on the volume of production, conditions of supply and marketing, the range of products, the forms of payment used.

When calculating the needs of the enterprise in its own working capital, the following should be taken into account. Own working capital should cover the needs of not only the main production for the implementation of the production program, but also the needs of auxiliary and auxiliary industries, housing and communal services and other facilities that are not related to the main activity of the enterprise and are not on an independent balance sheet, overhaul carried out on its own. In practice, the need for own working capital is often taken into account only for the main activity of the enterprise, thereby underestimating this need.

The composition of working capital in inventories includes the following elements: raw materials, basic materials, purchased semi-finished products, auxiliary materials, fuel, containers, spare parts, wearing items.

The working capital ratio for stocks of raw materials, basic materials, purchased semi-finished products is calculated on the basis of their average one-day consumption and the average stock rate in days. One-day consumption of each type of raw materials and basic materials used (Rsh-/ T) is determined by the cost estimate for the production and sale of products, where PMJ is the consumption of the i-th material resource for a certain period of time; T - the time period for which the cost estimate is drawn up. In financial accounting and analysis, it is customary to consider the duration of one month equal to 30, a quarter - 90, a year - 360 days.

The working capital rate takes into account the time spent by each type of material in transport, technological, current, insurance and preparatory stocks. Transport stock created during long-term transportation of materials, technological reserve necessary when this type of raw material needs pre-treatment, preparation for the processing process, exposure to give certain consumer properties (natural drying, pickling, mixing, grinding, etc.). current stock ensures uninterrupted operation of the enterprise in the intervals between successive deliveries. Its size is affected by the frequency of supplies and the volume of consumption of materials in production. Safety stock created in case of violation of supply conditions or cargo delays in transit and ensures the continuous operation of the enterprise. Preparatory Stock is calculated based on the time of acceptance, unloading, sorting and storage of inventories. The rate of working capital for each type of materials (Nm (.) is determined by summing the time spent by materials in all types of stocks.

Working capital ratio for each type of materials (7. .) is calculated as 4 mg

The norm of working capital as a whole for the main materials (nom) is calculated as the weighted average norm for the group of basic materials

Consumption of all (or group) basic materials:

The working capital ratio for all or a group of basic materials is calculated by the formula

The working capital ratio for auxiliary materials, fuel, wearing items is determined by the analytical method. When using it, the working capital ratio is first calculated for these reserves in rubles per employee / PE,) or for 1000 rubles. cost of production / Wb) based on the actual standard for auxiliary materials in the base period (2bvm) and the actual number of personnel (NPB) or the actual volume of manufactured products (V.). Then the resulting indicator is multiplied by the planned headcount (NPM1) or the planned output (B||p).

Pla new standard working capital for auxiliary materials

Working capital ratio for all production stocks

Rationing of work in progress

The size of work in progress is determined by the following factors: the volume of products produced, the duration of the production cycle, the unit cost of production, the dynamics of increasing costs during the production cycle.

The volume of output affects the value of work in progress: the more produced, the larger size work in progress.

The volume of work in progress is directly proportional to the duration of the production cycle. The duration of the production cycle is measured by the time from the moment of the first technological operation to the acceptance of the finished product at the finished product warehouse. Reducing the duration of the production cycle leads to a reduction in stocks in work in progress, and vice versa.

The valuation of work in progress depends on the cost of the costs incurred. The lower the cost of production, the lower the volume of work in progress in value terms. The increase in costs entails an increase in the cost of work in progress.

The dynamics of the increase in costs during the production process reflects cost increase factor.

The standard of working capital in work in progress is determined by the product of the cost of a one-day expense according to the cost estimate for the production of gross output and the norm of working capital. The cost of one-day costs is calculated as the ratio of the cost of gross output in a given period (FROM) to the length of the period ("/"): S/T- one day expenses.

The rate of working capital in work in progress (Nnp) is determined based on the duration of the production cycle (£) and the cost escalation factor (K)

The cost escalation factor reflects the degree of readiness of products as part of work in progress. All costs in the production process are divided into initial (one-time) and subsequent (increasing). Non-recurring costs include costs incurred at the beginning of the production cycle (raw materials, materials, semi-finished products). Other costs (wages, depreciation, electricity, etc.) increase throughout the cycle.

The increase in costs in the production process can occur evenly and unevenly. With a uniform increase in costs, the cost increase coefficient is determined by the formula

where th - the share of initial costs in the cost of production.

With an uneven increase in costs, the cost increase coefficient is calculated as

where Zr c = £3. /t - the average cost of a product in work in progress; 3. - expenses for the 1st period of time on an accrual basis, rub/days; r - part of the time in the duration of the production cycle; £ - the duration of the full production cycle, days; C - production cost of a product (batch of products) produced in one production cycle, rub.

Working capital ratio in work in progress (X) calculated by the formula

where С/Г - one-day production output at the planned cost price, rub/day; C - the cost of gross output in a given period, rubles; T - duration of the period, days; I- duration of the production cycle, days; Knz - the coefficient of increase in costs in work in progress.

Rationing of working capital in deferred expenses

The economic content of deferred expenses is the need to finance some of the costs at present, but which will be included in the cost of production in the next period. The working capital ratio for deferred expenses (^|>6||) is determined as follows:

where Rn - the amount of expenses at the beginning of the planning period; Р||l - the planned amount of expenses in the forthcoming period; Рс - the amount of expenses attributable to the cost of production in the planned period.

The amount of expenses at the beginning of the planning period is taken from the balance sheet. The amount of deferred expenses in the coming year is determined on the basis of the company's scientific and technical development plan and the planned cost estimate for production. The amount of deferred expenses, attributable to the cost of production in the planned period, is calculated based on the planned cost estimate for production.

Rationing of working capital in finished products in stock

The standard of working capital for finished products is defined as the product of one-day output of products at the production cost and the norm of working capital for finished products

where S/T - one-day release of marketable products at production cost; H - the rate of working capital for finished products; is defined as the total time in days required for the selection (picking) of products according to orders, packaging, transportation of products to the station of departure, paperwork.

Determination of the total working capital ratio

The total standard of working capital determines the general need of the enterprise for working capital necessary for the continuous operation of the enterprise. The enterprise's need for normalized working capital, calculated by the direct account method, is equal to the sum of the standards for all elements of normalized working capital

The non-standardized working capital of the sphere of circulation includes funds in goods shipped, cash, means in calculations. The amount of non-standardized working capital calculated by the method of aggregated calculations is added to the amount of normalized working capital, and as a result, the total amount of working capital is obtained.

The analytical method of calculation involves the use of data on the state of working capital in the period preceding the planned period. To find the total standard of working capital by the analytical method, all normalized working capital are combined into two groups:

• 1) dependent on the growth of production volume (raw materials, basic and auxiliary materials, purchased semi-finished products, containers, work in progress, finished products), which are indexed relative to the basic standard;
• 2) not dependent on the growth of production volume (spare parts for repairs, household equipment, etc.), the value of which remains the same.

Failure to fill the standard of working capital may lead to non-fulfillment of the production program due to failures in the production and sale of products. Excess stocks divert cash from circulation, which leads to inefficient use of resources.

Indicators of the use of working capital

The criterion for evaluating the effectiveness of the use of working capital is the duration of the period of turnover. The longer the period of turnover of working capital, the less efficiently they work. In this case, additional funds are diverted to replenish working capital. On the contrary, the acceleration of turnover releases funds, and they can be directed to other purposes of the enterprise.

The efficiency of the use of working capital is characterized by economic indicators. There are three main indicators of the use of working capital: the turnover ratio of working capital over the period (year, quarter), the duration of one turnover in days and the working capital utilization factor.

Working capital turnover ratio (K(t) is measured by the number of revolutions made in a certain period of time, characterizes the intensity of their use and is determined by the ratio

where RP is the volume (or cost) of products sold; OS - the average annual balance of working capital. The higher the turnover ratio, the better the use of working capital.

Duration of one turn in days (Add) allows you to judge how long working capital goes through all the stages of the circuit (make a full turnover),

where Г is the number of calendar days of the period (360 days - a year, 90 days - a quarter, 30 days - a month). Reducing the duration of one turnover indicates an improvement in the use of working capital.

Working capital utilization factor (K. () - the inverse indicator of the turnover ratio, shows the amount of working capital spent on 1 ruble of sold products,

The change in the turnover of funds is revealed by comparing the actual indicators with the planned or indicators of the previous period. As a result of comparing the turnover of working capital, its acceleration or deceleration is revealed. The release of working capital due to the acceleration of their turnover can be absolute and relative. Absolute Release takes place if the actual balances of working capital are less than the balances of the previous period while maintaining or exceeding the volume of sales for the period under review. Relative release takes place if the growth rate of sales volume outpaces the growth rate of working capital balances.

Increasing the efficiency of the use of working capital is ensured by the acceleration of their turnover at all stages of the circulation.

At the preparatory stage, this is a good organization of supply (achieved as a result of the selection of suppliers, the well-established operation of transport, the establishment of clear contractual conditions for deliveries and ensuring their implementation), a clear organization of the work of the warehouse.

At the productive stage, reducing the time spent by working capital in work in progress is achieved by improving the technologies used, improving the use of fixed assets (primarily the active part), and improving the organization of production.

In the sphere of circulation, the reduction in investments of working capital is achieved as a result of the rational organization of the sale of finished products, the timely execution of documentation and the acceleration of its movement, the use of progressive forms of payment, and compliance with contractual and payment discipline.

Today, many companies are faced with the problem of cash shortages caused by an unjustified increase in stocks of raw materials and finished products, as well as intensive growth accounts receivable. To avoid such problems, it is necessary to properly normalize working capital.

As is known, working capital are the funds used by the company to carry out its ongoing activities. Rationing of working capital is the process of establishing norms (relative values ​​corresponding to the minimum, economically justified stock of inventory and set in days) and standards (the minimum amount of money required to ensure the economic activity of the enterprise) for the normalized group of working capital. In this case, it is necessary to take into account the dependence of the norms on the following factors:

• the duration of the production cycle of manufacturing products;
• consistency and clarity of work of procurement, processing and producing shops;
• supply conditions (duration of delivery intervals, sizes of supplied lots);
• remoteness of suppliers from consumers;
• speed of transportation, type and uninterrupted operation of transport;
• the time of preparation of materials for their launch in production;
• the frequency of launching materials into production;
• conditions for the sale of products;
• systems and forms of settlements, speed of document circulation, the possibility of using factoring.

The norms developed by the company for each element of working capital are valid for several years. However, in the event of significant changes in the technology and organization of production, the range and volume of products, the addresses of cooperative enterprises, demand prices and credit policy they are refined taking into account the corresponding reagents.

Note! The norms of working capital characterize the minimum stocks of inventory items, calculated in days of stock or as a percentage of a certain base (commodity products, the volume of fixed assets). As a rule, they are set for a quarter or a year, but they can be valid for a longer period.

When normalizing working capital, several methods are used:

direct account;

analytical;

experimental laboratory;

reporting and statistical;

coefficient.

Direct Count Method based on the actual need for working capital. It is used when it is possible to determine the duration of the business processes that are part of the company's operating cycle. It provides for a reasonable calculation of reserves for each element of working capital, taking into account all changes in the level of organizational and technical development of the company, transportation of inventory items, and settlement practices between enterprises.

Analytical method estimates of the standard of working capital is established by the actual value of working capital for a certain period, taking into account the adjustment for surpluses and unnecessary stocks, as well as changes in the conditions of production and supply. It is used in those companies where funds invested in material values ​​and costs occupy a large share in the total amount of working capital.

Experimental laboratory method is based on measurements of the consumption of working capital and the volume of products (works) produced in laboratory and pilot production conditions. Consumption rates are set by selecting the most reliable results and calculating the average value using the methods of mathematical statistics. The most appropriate areas of application of these standards are auxiliary and chemical production, technological processes, extractive industries and construction.

Reporting and statistical method proceeds from the analysis of data from statistical (accounting or operational) reporting on the actual consumption of materials per unit of output (work) for the past (base) period. Recommended for the development of both individual and group

norms of consumption of material and raw materials and fuel and energy resources.

With the coefficient method the norm of working capital for the planning period is established using the norm of the previous period and taking into account adjustments for changes in the volume of production and acceleration of the turnover of working capital. It provides for their division into two groups:

dependent on changes in the volume of production (raw materials, materials, costs of work in progress, finished products in stock);

not dependent on the volume of production (spare parts, low-value and wearing items, deferred expenses).

It should be noted that the following elements of working capital are normalized:

productive reserves;

unfinished production;

Future expenses;

finished products in the warehouse of the enterprise;

cash on hand in storage.

Let us consider in more detail the normalization of each of the elements.

STOCKS IN INDUSTRIAL INVENTORIES

Productive reserves- these are the material resources located at the enterprise, but not entered into the production process. The composition of working capital in inventories:

• raw materials;
• basic materials and purchased semi-finished products;
• auxiliary materials;
• fuel;
• container;
• spare parts;
• low-value and high-wear items (MBP). As part of the IBE, labor instruments with a service life of up to one year are taken into account, including:

o low-value and quick-wearing tools and fixtures;

o low-value household inventory;

o special clothing and footwear;

o special tools and fixtures;

o replacement equipment;

o industrial packaging.

Depending on the purpose of the stock and the need for preparation material resources for use in production, there are current, insurance (or warranty), technological (or preparatory) and transport stocks.

current stock is necessary to ensure the uninterrupted course of production at the enterprise in the period between successive deliveries. The norm of the current stock is taken, as a rule, equal to half of the average interval between two successive deliveries. The maximum value of the current stock (Z current) is determined by the formula:

W current \u003d P cf. day × T, (1)

where P cf. day - the average daily need for this material, natural units of measurement;

T— time between two successive deliveries, days.

Safety stock provided to prevent the consequences associated with supply failures. The safety stock rate is set either within 30-50% of the current rate, or equal to the maximum time for deviations from the supply interval. Insurance, or guarantee, stock (3 lines) is calculated by the formula:

W str = N h. pp × P, (2)

where N h. str - the norm of the safety stock of materials, days;

P - the average daily demand for this type of materials, rub.

Preparatory (technological) stock(Z those) is created in cases where raw materials and materials entering the enterprise require appropriate additional preparation: drying, sorting, cutting, picking, etc. The norm of the preparatory stock is determined taking into account specific production conditions and includes the time for acceptance, unloading, paperwork and preparation for the further use of raw materials, materials and components. The amount of such stock is determined as follows:

Z those \u003d P cf. day × T c, (3)

where T c is the duration of the technological cycle, days.

Transport stock(3 tr) is formed in case of discrepancies in the timing of the movement of document circulation and payment for them and the time the materials are in transit. Its value is calculated by direct and analytical methods.

The direct counting method is used with a small range of consumable material resources coming from a limited number of suppliers. If the supplier is located far away, payment documents for raw materials arrive and are paid by the company before the cargo arrives. Therefore, the size of the transport stock is equal to the time interval between the payment of the invoice and the receipt of raw materials by the company.

At large numbers suppliers and a significant range of consumed resources, the norm of the transport stock is determined by the analytical method. For this, from the data accounting for the last year, the balances of inventory items are taken in transit at the beginning of each quarter, minus the cost of resources delayed in transit beyond the established deadlines.

The general stock rate (Z total) for raw materials, basic materials, purchased semi-finished products is calculated by the formula:

Z total \u003d Z tech + Z str + Z those + Z tr. (four)

Working capital ratio in inventories ( N pz) is calculated by the formula:

N pz \u003d W total × R, (5)

where P is the average daily consumption of working capital, rub.

Example 1

JSC "XXX" works with 40 suppliers with a total delivery cycle of 2000 days. The safety stock rate (Z str) is set at 35% of the current stock rate (Z current). The average daily requirement (P average day) for material (for example, high-grade steel St3) is 50 kg, the price for 1 kg is 48.6 rubles. The duration of the technological cycle is 10 days. Determine the standard of working capital in inventories, in this case- in high-grade steel ( N pz).

1. Find the one-day consumption of steel in value terms: Р = 50 × 48.6 = 2430 rubles.

2. The current stock rate (Z current) is equal to: 2000 / 40 / 2 = 25 days.

3. Safety stock rate (3 lines): 25 × 0.35 = 9 days.

4. Norm of a technological stock (Z those): 10 days.

5. General inventory rate (3 total): 25 + 9 + 10 = 44 days.

6. Working capital ratio in inventories ( N pz): 44 × 2430 = 106,920 rubles.

RATE-RATED IN PRODUCTION IN PROGRESS

Unfinished production- products at various stages of processing - from the launch of raw materials, materials and components into production to the acceptance by the technical control department of the finished product. It is determined by the amount of advanced funds invested in the cost of raw materials, basic and auxiliary materials, fuel, electricity, depreciation and other expenses. All these costs for each product increase as you move along the process chain.

NOTE

The amount of working capital employed in work in progress depends on the duration of the production cycle, the cost of manufactured products and the intensity of the increase in costs in the production process.

The rate of working capital employed in work in progress ( N npz), is calculated as follows:

N npz \u003d C av × T c × K n, (6)

where C cf is the average daily output at cost, rubles;

T c is the duration of the production cycle for the manufacture of this product, days;

K n - the coefficient of increase in costs, which characterizes the level of readiness of products as part of work in progress. The need to calculate it is due to the fact that the costs in work in progress are carried out at different times. If they grow evenly, then the cost increase coefficient is found by the formula:

K n \u003d (MZ + 0.5 × R pr) / C plan, (7)

where MZ - planned material costs, rub.;

Р pr - other expenses by cost elements, rub.;

C plan - the planned cost of a unit of production, rub.

With an uneven increase in costs, the coefficient formula changes as follows:

K n \u003d C cf / C prod, (8)

where C cf - the average cost of a product in work in progress;

With prod - the production cost of the product.

Example 2

At the enterprise JSC "XXX" in the work in progress there was a product BUT, the manufacture of which requires basic materials, purchased components that make up material costs, the wages of production workers, as well as other expenses that include overheads, etc. Data for calculating the rate of working capital in work in progress (in the product BUT) are presented in Table. one.

Table 1. Calculation of the norms of working capital employed in work in progress

Name	Designation	Amount, rub.
Data for calculation
Material costs according to the plan
Wage production workers
Social security contributions
other expenses
Planned cost
Production cost
Price of a product in work in progress
Average daily output at cost
The duration of the production cycle for the manufacture of this product
Settlement part
Cost escalation factor (with a uniform increase in costs)
Coefficient of increase in costs (with uneven increase in costs)
The rate of working capital in work in progress:
with a uniform increase in costs	N npz0
with an uneven increase in costs	N refinery1

According to Table. 1 with a uniform increase in costs K n0 = (896,876 + 0.5 × 847,889) / 2,074,090 = 0.64; with uneven - K n1 \u003d 1 440 341 / 1 920 454 \u003d 0.75.

The norms of working capital in the product BUT with a uniform and uneven increase in costs amounted, respectively, N npz0 \u003d 464,551 × 4 × 0.64 \u003d 1,118,250 rubles. and N npz1 \u003d 464,551 × 4 × 0.75 \u003d 1,393,653 rubles.

STANDARDIZATION OF FINISHED PRODUCTS

The next element of normalization of working capital is working capital ratio for finished products- products accepted by the technical control department and handed over to the warehouse of finished products, for which the production cycle has ended. The working capital rate for finished products is determined by the time from the moment the products are accepted to the warehouse until the customer pays for them and depends on a number of factors:

the order of shipment and the time required for the acceptance of finished products from the shops;

the time required for the acquisition and selection of products up to the size of the shipped batch and in the assortment according to orders, orders, contracts;

the time required for packaging, labeling products;

the time required for the delivery of packaged products from the warehouse of the enterprise to the railway station, pier, etc.;

the time of loading products into vehicles;

storage time for products.

Working capital ratio in stocks of finished products ( N gp) in the warehouse is determined by the formula:

N gp = per day × N zgp, (9)

where In days - the average daily output of each product at the production cost, rub.;

N Zgp - the norm of the stock of finished products, days. It includes the time required for the acceptance of products from the workshops, the assembly of the transport batch, the packaging and shipment of products, and the preparation of documentation.

Example 3

Using formula (9), we determine the standard of working capital in stocks of finished products (Table 2).

Table 2. Calculation of the standard of working capital in stocks of finished products at the enterprise JSC "XXX"

RATE OF EXPENSES FOR FUTURE PERIODS

The economic content of deferred expenses consists in the need to finance some of the costs that are made in the present, and will be written off to the cost price in the future.

The composition of deferred expenses includes the following costs: for the development of new types of products and new technological processes; by subscription to periodicals; for rent; for communication; on taxes and fees paid for the future. Working capital ratio for future expenses ( N rbp) is determined by the formulas:

N rbp \u003d R bud. pl - P pl + P s, (10)

where R bud. pl - the amount of funds in deferred expenses at the beginning of the planning period, rubles;

Р pl - expenses incurred in the planning period, rub.;

R c - expenses written off to the cost of production in the planned period, rub.;

N rbp \u003d P 0 + R pl - R cn, (11)

where P 0 - expenses at the beginning of the period, rubles;

Р pl - expenses according to the plan for the year, rub.;

Р cn - expenses to be written off in the planned year, rub.

Example 4

Let's calculate the working capital ratio for deferred expenses (the results are in Table 3).

Table 3. Calculation of the working capital ratio for deferred expenses

GENERAL RATE OF WORKING ASSETS

Completing the rationing process, they establish a total standard of working capital by adding private standards for inventories, work in progress, deferred expenses and finished products.

The average rate of working capital for the enterprise as a whole is calculated by dividing the total rate by the one-day output of marketable products at production cost.

Working capital ratios are calculated in kind (pieces, tons, meters, etc.) and monetary terms (rubles) and in days of stock. The general norm of working capital of an enterprise is calculated only in monetary terms and is determined by summing up the norms of working capital for individual elements:

N total = N pz + N WIP + N rbp + N mr. (12)

Example 5

According to Table. 4, the general standard of working capital for the enterprise JSC "XXX" will be 60,203 thousand rubles.

Table 4. Calculation of the general standard of working capital for the enterprise JSC "XXX"

Working capital ratio by elements (items), thousand rubles				general standard, N common
Productive reserves, N pz	Unfinished production, N WIP	Finished products, N G	Future expenses, N rb

Thus, properly carried out rationing of working capital allows you to economically use financial resources, contributes to the successful implementation of economic activities and strengthening the financial condition of the company.

M. V. Altukhova,
Economist at OJSC Rudoavtomatika

grouped in different ways. Usually isolated two groups, differing by degree of planning: standardized and non-standardized working capital.

Normalized working capital- circulating production assets and finished products, i.e. current assets in inventories.

Non-standardized working capital- circulation funds are usually non-standardized, these include funds in settlements, cash on hand at the enterprise and in bank accounts.

Determining the needs of the enterprise in its own working capital carried out in the process of normalization, i.e. determination of the standard of working capital.

Rationing of working capital

Rationing of working capital- the process of determining the minimum, but sufficient (for normal flow) amount of working capital at the enterprise, i.e. this is establishment of economically justified (planned) reserve norms and standards for the elements of working capital.

The value of the standard is not constant. The size of own working capital depends on the volume of production; conditions of supply and sale; product range; applicable forms of payment. It should be noted that this is one of the most volatile indicators of current financial activity.

Rationing of working capital is carried out in monetary terms. The basis for determining the need for them is production cost estimate for the planned period. However, for companies with non-seasonal nature of production it is advisable to take the data of the 4th quarter as the basis for calculations, in which the volume of production, as a rule, is the largest in the annual program. For businesses with seasonal nature of production- data of the quarter with the smallest volume of production, since the seasonal need for additional working capital is provided by short-term bank loans.

To determine the standard, it is taken into account average daily consumption of normalized elements in terms of money.

Working capital rationing process

The normalization process consists of several successive stages, where private and aggregate standards are established. At the beginning stock standards are being developed for each element of normalized working capital.

Norm- this is a relative value that determines the stock of working capital, as a rule, the norms are set in days.

This indicator is relatively stable and may change in case of: changes; suppliers; technology and organization of production.

Further, based on the rate of stock and consumption of this type of inventory items, it is determined the amount of working capital required to create normalized reserves for each type of working capital. So defined private standards.

Ratio of a separate element of working capital calculated by the formula:

• H - the standard of own working capital for the element;
• About - a turn (expense, release) on the given element for the period;
• T is the duration of the period;
• Hz - the norm of the stock of working capital for this element.

Working capital ratio represents the monetary expression of the planned stock of inventory items, the minimum required for the normal economic activity of the enterprise.

General working capital ratio

General working capital ratio consists of the sum of private standards:

N total \u003d N p.z + N n.p + N g.p + N b.r,

• Np.z - the standard of production stocks;
• Nn.p - the standard of work in progress;
• Ng.p - standard of finished products;
• Nb.r is the standard for future expenses.

Inventory standard

The standard of production stocks for each type or homogeneous group of materials takes into account the time spent in the preparatory, current and insurance stocks and can be determined by the formula:

N p.z \u003d Q day (N p.z + N t.3 + N str),

• Q day - average daily consumption of materials;
• N p.z. - the norm of the preparatory stock, days;
• N t.z. - current stock rate, days;
• N pages - safety stock rate, days;

Preparatory Stock associated with the need for acceptance, unloading, sorting and warehousing of inventories. The norms of the time required to perform these operations are set for each operation on the average size of the supply based on technological calculations or by timing.

current stock- the main type of stock necessary for the smooth operation of the enterprise between two successive deliveries. The size of the current stock is affected by the frequency of deliveries of materials under contracts and the volume of their consumption in production. The rate of working capital in the current stock is usually taken in the amount of 50% average supply cycle, which is due to the supply of materials by several suppliers and at different times.

Technological reserve created in cases where this type of raw material needs pre-treatment or aging to give it certain characteristics. This inventory is taken into account if it is not part of the production process. For example, when preparing for the production of certain types of raw materials and materials, time is required for drying, heating, grinding, etc.

Transport stock is created in case of exceeding the terms of cargo turnover in comparison with the terms of document circulation at enterprises remote from suppliers at considerable distances.

Safety stock- the second largest type of stock, which is created in case of unforeseen deviations in supply and ensures the continuous operation of the enterprise. The safety stock is taken, as a rule, in the amount 50% current stock, but may be less than this value depending on the location of suppliers and the likelihood of interruption in supply.

Rationing of work in progress

The value of the standard of working capital in work in progress depends on four factors:

• volume and composition of manufactured products;
• duration ;
• production cost;
• the nature of the increase in costs in the production process.

The volume of production directly affects the value of work in progress: the more products are produced, the more work in progress will be. A change in the composition of manufactured products affects the value of work in progress in different ways. With an increase specific gravity products with a shorter production cycle, the volume of work in progress will decrease, and vice versa.

Normalization methods

There are the following methods of normalization of working capital:

Direct Count Method provides for a reasonable calculation of reserves for each element of working capital, taking into account all changes in the level of organizational and technical development of the enterprise. This method is very time-consuming, but it allows you to most accurately calculate the company's need for working capital.

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

With the coefficient method the new standard is determined on the basis of the standard of the previous period by making changes to it, taking into account the conditions of production; supplies; sales of products; calculations.

In practice, the direct counting method is the most common. The advantage of this method is its reliability, which makes it possible to make the most accurate calculations of private and aggregate standards.

One of the main components working capital are productive reserves - a complex group of working capital, including raw materials, basic materials and purchased semi-finished products, fuel, containers, spare parts, special tools and fixtures, etc. Due to the different nature of their functioning in the production process, the methods for rationing individual elements of inventories are not the same.

Rationing of working capital for stocks of raw materials, basic materials and purchased semi-finished products

The working capital ratio for this group is calculated on the basis of their one-day consumption (P) and the average stock rate in days. The average rate of working capital, in turn, is determined as a weighted average based on the norms of working capital for certain types or groups of raw materials, basic materials and purchased semi-finished products and their one-day consumption.

The working capital rate for each type or homogeneous group of materials takes into account the time spent in the current (N), insurance (N s), transport (N m), technological (N a), and also preparatory stocks (N p).

In this way, standard of working capital for production stocks of raw materials, basic materials and purchased semi-finished products(1T PZ) is determined by the formula:

current stock- the main type of stock, so the rate of working capital in the current stock is the determining value of the entire stock rate in days. The size of the current stock is affected by the frequency of deliveries of materials under contracts (supply cycle), as well as the volume of their consumption in production.

If deliveries are planned regularly and the material is consumed evenly, the average interval between deliveries is determined by dividing the number of days in a year by the number of scheduled deliveries, taking into account the timing of the coincidence of receipts from different suppliers: when receiving the same material or semi-finished product from several suppliers on the same day, such receipts are considered as one delivery. Similarly, the issue is resolved when raw materials are received from one supplier for several days in a row, but on the condition that one payment document is issued for all shipments.

Example 7.7-

Calculation of the average delivery interval. The material is received from three vendors according to schedules. From the first supplier - on the 1st and 16th, from the second - on the 6th and 16th, and from the third - on the 6th, 14th and 21st. Consequently, the consumer has five deliveries during the month (1.6, 14, 16 and 21st), and for the year - 60 deliveries (5-12). The average delivery interval is 6 days (365: 60).

The value of the average supply interval is calculated on the basis of planned information or the mode of receipt of resources that has developed in the reporting period. When using planned information, the stock rate is calculated on the basis of contracts, delivery schedules, work orders, stock notices and other similar documents that define the volume and set delivery dates. If the contracts do not specify specific delivery times, the average interval between deliveries can be defined as arithmetic mean, or weighted average, value, which depends on fluctuations in terms and volumes of deliveries. In this case, one-time small deliveries are not taken into account, and excessively large receipts are reduced to the average size of deliveries.

Insurance (warranty) stock - the second largest type of stock, which determines the overall rate. It is necessary in every organization to guarantee the continuity of the production process in cases of violations of the conditions and terms of supply of materials by contractors, transport or shipment of incomplete lots.

When calculating the time spent by materials in a warehouse in the form of an insurance (guarantee) stock, the working capital rate in days is usually set within the limits of up to 50% of the current stock rate, if this material comes in transit from non-resident suppliers. The safety stock rate increases above 50% in the following cases:

• ? periodically consumed unique, high-quality materials, as well as materials manufactured only for this organization by one supplier;
• ? the consumer is located far from convenient transport routes or the delivery of materials is possible only at a certain time of the year;
• ? with continuous consumption of certain materials in large quantities, delivery intervals are from one to five days.

The closer the suppliers are located, the less often there are interruptions in the delivery of products, the less the amount of safety stock. If materials are delivered from warehouses by road, safety stock is not provided. Only in the case of remoteness of these warehouses, the norm of working capital in the insurance stock is set at a rate of up to 30% of the norm of working capital in the current stock. The value of the safety stock can also be determined on the basis of actual reported data on deviations from the average delivery interval.

Example 7.8-

Calculation of the norm of the safety stock. For the calculation, the number of deliveries should be selected without taking into account random, small and other atypical deliveries (Table 7.6).

Table 7.6

Date of receipt of materials from suppliers	Scope of delivery	Volume of selected deliveries	Number of selected deliveries	Actual interval until the next delivery, days	Average delivery interval, days	Exceeding the average interval, days (gr. 5 - gr. 6)	Number of exceedances	Reasons for not taking delivery into account
								supply
								supply
Etc. before the end of the planning period

Calculation of safety stock rate based on actual reported data on material deliveries

The average size of selected shipments in this example is 400 tons (4800: 12). The given total number of deliveries is 16 (6500: 400). The average delivery interval under these conditions is 22 days (365: 16). The norm of working capital in terms of insurance stock is taken in the amount of 5.5 days (60: 11).

Transport stock is created in case of exceeding the terms of cargo turnover in comparison with the terms of document circulation. The transport stock is not created if the term of the cargo turnover coincides with the term of the document circulation or is less than it. When delivering materials over long distances, the time for payment of settlement documents is ahead of the time for the arrival of material assets. For the time the materials are on the way after paying the settlement documents, the buyer needs funds.

The value of the transport stock is calculated by direct and analytical methods. Direct Count Method It is used with a small range of consumable material resources coming from a limited number of suppliers. Based on the results of the previous period, the average duration of the cargo run from the supplier to the consumer is determined. From this time, the following is deducted: the time for issuing payment documents and their processing at the supplier's bank, the time for postal travel of payment documents from the supplier's bank to the buyer's bank, the time for processing documents at the buyer's bank, the time for acceptance.

With a large number of suppliers and a significant range of consumed resources, the transport stock rate is determined by analytical method. For this, data on the balance of inventory items in transit at the beginning of each quarter minus the cost of resources delayed in transit beyond the established time are used.

The average balance of paid material assets in transit is determined by the formula:

where О av - the average balance of paid material assets in transit for the past period (excluding the cost of goods delayed in transit beyond the established time limits, as well as excess and unnecessary materials), rub.;

Oj, ..., O i - the remains of paid material assets on the way to the beginning of the quarter for reporting period, rub.;

P- the number of quarterly balances accepted for calculation.

Based on the calculated average balance of material assets in transit, actual time stay of funds in the transport stock according to the formula:

where H is the rate of working capital for inventory items in transit, days;

R dn - one-day consumption of inventory items according to the cost estimate for the production of the reporting period, rub.

The resulting indicator is corrected for the approach of suppliers and consumers, improvement of transport operation, acceleration of calculations in the planned period and is taken as the norm of the transport stock.

Example 7.9-

Calculation of the norm of the transport stock.

• 1. Method of direct counting. The movement of goods from the supplier to the buyer takes 15 days. Postal mileage of settlement documents - five days. Processing of documents at the supplier and at the bank branches is carried out within four days. The acceptance period is three days. Under these conditions, the rate of working capital in the transport stock will be three days [ 15 - (5 + 4 + 3)].
• 2. Analytical method. According to the reporting data, the amount of materials in transit, minus those delayed beyond normal terms as of 01.01.2016 - 18 thousand rubles, as of 01.04.2016 - 17 thousand rubles, as of 01.07.2016 - 19 thousand rubles, as of 01.10.2016 - 23 thousand rubles, as of 01.01 .2017 - 24 thousand rubles. The average daily consumption of materials in 2016 is 10 thousand rubles.

The average balance of materials in transit for the current year is determined in the amount of 20 thousand rubles. (18,000: 2 + 17,000 + 19,000 + 23,000 + 24,000: 2): 4, and the working capital rate for materials in transit is two days (20,000:10,000). The result obtained is corrected taking into account the planned measures to improve the supply and settlements.

Technological reserve created for the period of preparation of materials for production, including analysis and laboratory testing. This inventory is taken into account if it is not part of the production process. For example, when preparing for the production of certain types of raw materials and materials, time is required for drying, heating, grinding, settling, bringing to certain concentrations, etc.

preparation stock, necessary for the period of unloading, delivery, acceptance and storage of materials, is also taken into account the stock rate for raw materials, basic materials and purchased semi-finished products. The time for preparing materials for production is predetermined by the list of relevant operations and the conditions for their implementation, based on technological calculations or by timing. If the material is put into production in parts, the preparation time is limited to the cost of the first batch. When contracts with suppliers provide for their respective preparatory operations, the standard is not planned.

Calculation of the standard of working capital for stocks of raw materials, basic materials and purchased semi-finished products

Table 7.7

Group material values	Norm preparatory stock, days	Current stock rate, days	Safety stock rate, days	Total (group 2 + group 3 + group 4), days	One-day consumption, thousand rubles	Working capital ratio (group 5 x group 6), thousand rubles
Main materials
Purchased semi-finished products
Valuables on the way
Total