Determination of the enterprise's need for its own working capital is carried out in the process of rationing, that is, determining the standard for working capital. The purpose of the regulation is to determine the rational size of circulating assets, diverted for a certain period in the sphere of production and the sphere of circulation. To determine the standard, the average daily consumption of standardized elements in monetary terms is taken into account.

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

Н \u003d Нпз * Сс (2.1)

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

Cp - the average daily consumption of raw materials, materials and purchased semi-finished products; Npz - stock rate in days.

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, occupying 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 safety stocks.

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.

Transport stock in days is determined 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.

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 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.

The current warehouse stock is recognized to ensure the continuity of the production process between deliveries of materials, therefore it is the main one in the industry. The amount of 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 50% of the delivery interval. At enterprises in which raw materials come from one supplier and the number of types of material values \u200b\u200bused is limited, the stock rate can be taken at 100% of the delivery interval.

The safety stock is created as a reserve guaranteeing 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 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. 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. The second group includes auxiliary materials that are rarely used in production and in small quantities. The standard is calculated using the analytical method based on data from previous years.

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

The working capital ratio for fuel is calculated in the same way as for raw materials and materials. 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.

The rate of working capital for a container is determined depending on the method of its procurement and storage. Therefore, the methods of calculating the packaging in different industries are not the same.

For containers of our own production, used for packaging finished products and included in its 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 together with the raw material is paid until the invoice for the returned container is paid by the supplier. The cost of packaging intended for storing 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 low-value and wearing items.

The working capital ratio for spare parts is established 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 based on standard rates 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 fast-wearing items is calculated separately for tools and devices, low-value inventory, special clothes and shoes, special tools and devices.

For the first group, the standard is determined by the direct counting method based on the 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.

The working capital ratio for workwear and footwear is determined on the basis of the number of employees they rely on and the cost of one set. The ratio 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.

Rationing of working capital in work in progress is carried out by groups or types of products for each department 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

N \u003d Nnp * Svp (2.2)

where Nnp is the norm of working capital for work in progress; Svp-one-day costs of gross production.

One-day costs are determined by dividing the costs of 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".

Ннп \u003d Пц * Кн (2.3)

Where PC is the duration of the production cycle in days; Kn is the cost increase factor.

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 (time spent by items 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 that produce a wide range of products, the duration of the production cycle is determined as a weighted average.

The cost increase factor reflects the nature of the cost increase in work in progress by days of the production cycle. 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

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

where A - the 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

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;

Ср - costs incurred evenly during the production cycle;

С is the production cost of the product; T is the duration of the production cycle.

The 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" 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.

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 working capital from the sphere of production to the sphere of circulation. This is the only standardized element of circulation funds.

The working capital ratio for finished products is determined by the formula

H \u003d Hgp * Wtp (2.7)

where Wtp - one-day release of marketable products at production costs;

Нгп - stock rate in days.

The working capital rate for finished products 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 until 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 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 the 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.

The need for own circulating assets for each company 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, the forms of payment used.

When calculating the needs of an enterprise in its own working capital, the following must be taken into account. Own circulating assets should cover the needs of not only the main production for the implementation of 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 are 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 activities of the enterprise, thereby underestimating this need.

The composition of working capital in production inventories includes the following elements: raw materials, basic materials, purchased semi-finished products, auxiliary materials, fuel, containers, spare parts, and 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 daily consumption and the average stock rate in days. One-day consumption of each type of raw materials and basic materials used (Psh- / T) determined by the cost estimate for the production and sale of products, where PMJ is the consumption of the ith material resource for a certain period of time; T - the period of time for which the cost estimate is drawn up. In financial accounting and analysis, it is customary to consider the duration of one month to be 30, a quarter - 90, a year - 360 days.

The working capital rate takes into account the residence time of each type of material in the transport, technological, current, insurance and preparatory stocks. Transport stock created during long-term transportation of materials, technological stock is necessary when this type of raw material needs preliminary processing, preparation for the processing process, aging to impart 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 influenced by the frequency of deliveries and the volume of consumption of materials in production. Safety stock created in case of violation of the conditions of supply or delay of goods in transit and ensures the continuous operation of the enterprise Preparatory stock calculated based on the time of acceptance, unloading, sorting and storage of production stocks. The rate of working capital for each type of material (Nm (.) Is determined by summing up the time spent by materials in all types of stocks.

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

The rate of working capital as a whole for basic materials (Nom) is calculated as the weighted average rate for a group of basic materials

Consumption of all (or a group) of basic materials:

Working capital ratio for all or a group of basic materials is calculated using the formula

The norm of working capital for auxiliary materials, fuel, consumables is determined by the analytical method. When using it, the standard of working capital is first calculated for these reserves in rubles per employee / individual,) or per 1000 rubles. the cost of production / Wb) based on the actual standard for auxiliary materials in the base period (2bvm) and the actual number of personnel (PPb) or the actual volume of products produced (V.). Then the resulting indicator is multiplied by the planned headcount (Chm1) or the planned production output (B || p).

Planned norm of working capital for auxiliary materials

Working capital ratio for all inventories

Rationing of work in progress

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

The volume of output affects the amount of work in progress: the more is produced, the larger the amount of 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 inventories in work in progress, and vice versa.

The cost estimate of work in progress depends on the cost of costs incurred. The lower the cost of production, the lower the volume of work in progress in value terms. The rise in costs leads to an increase in the cost of work in progress.

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

The rate of working capital in work in progress is determined by the product of the cost of one-day consumption according to the estimated cost of producing gross output and the rate of working capital. The cost of one-day costs is calculated as the ratio of the cost of gross production in a given period (FROM) to the duration of the period ("/"): C / T- one day costs.

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

The cost escalation factor reflects the degree of product readiness as part of work in progress. All costs in the production process are divided into initial (one-time) and subsequent (accrual). One-time costs include costs incurred at the beginning of the production cycle (raw materials, materials, semi-finished products). Other costs (wages, depreciation charges, 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 Sr c \u003d £ 3. / t - the average cost of a product in work in progress; 3. - expenses for the 1st period of time on an accrual basis, rubles / days; d - part of the time in the duration of the production cycle; £ - duration of a complete production cycle, days; C is the production cost of a product (batch of products) produced in one production cycle, rubles.

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

where С / Г - one-day production at the planned cost, rubles / day; С - the cost of gross production in the given period, rubles; T - period duration, days; I - the duration of the production cycle, days; Кнз - the rate of increase in costs in work in progress.

Rationing of working capital in future expenses

The economic content of deferred expenses is the need to finance some costs at the present time, but which will be included in the cost of production in the subsequent period. The working capital ratio for future expenses (^ |\u003e 6 ||) is determined as follows:

where Рн - the amount of expenses at the beginning of the planning period; Р || l - the planned amount of expenses in the coming period; Рс - the amount of expenses attributed to the cost of production in the planning 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 technological development plan and the planned production cost estimate. The amount of deferred expenses attributed to the cost of production in the planned period is calculated based on the planned estimates of production costs.

Rationing of working capital in finished products in the warehouse

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

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

Determination of the aggregate working capital ratio

The aggregate norm of working capital determines the overall need of the enterprise for working capital, necessary for the continuous functioning of the enterprise. The enterprise's need for standardized working capital, calculated by the direct account method, is equal to the sum of the standards for all elements of standardized working capital

Non-standardized circulating assets of the sphere of circulation include funds in goods shipped, cash, funds in settlements. The amount of non-standardized circulating assets calculated by the method of consolidated 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 aggregate working capital ratio by the analytical method, all standard working assets are combined into two groups:

• 1) depending 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 base standard;
• 2) not dependent on the growth of production (spare parts for repairs, household inventory, etc.), the value of which remains the same.

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

Indicators of the use of working capital

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

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

Working capital turnover ratio (K () d) is measured by the number of revolutions performed over 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 working capital is used.

Duration of one revolution in days (Dob) allows you to judge how long the circulating assets go through all stages of the circuit (make a full turn),

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

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

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 indicators of 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 the sales volume is ahead of the growth rate of the balances of working capital.

Increasing the efficiency of using working capital is ensured by accelerating 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-organized operation of transport, the establishment of clear contractual terms of supply and ensuring their implementation), a clear organization of the work of the warehouse.

At the production stage, reducing the time spent on 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 working capital investments is achieved as a result of rational organization of the sale of finished products, timely execution of documentation and acceleration of its movement, the use of progressive forms of payment, compliance with contractual and payment discipline.

Today, many companies are faced with the problem of a shortage of funds caused by an unjustified increase in stocks of raw materials and finished products, as well as an intensive increase in accounts receivable. To avoid this kind of problem, you should properly ration current assets.

As known, working capital Are the means used by the company to carry out its ongoing activities. Rationing of working capital is the process of establishing norms (relative values \u200b\u200bcorresponding to the minimum, economically justified stock of inventories and set in days) and standards (the minimum required amounts of funds that ensure the economic activity of an enterprise) for a standardized 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 production shops;
• terms of supply (duration of delivery intervals, sizes of supplied lots);
• remoteness of suppliers from consumers;
• transport speed, type and uninterrupted operation of transport;
• time of preparation of materials for their launch into production;
• the frequency of launching materials into production;
• conditions for the sale of products;
• systems and forms of payments, speed of document flow, the possibility of using factoring.

The norms developed in 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 nomenclature and volume of products, addresses of cooperative enterprises, demand prices and credit policy, they are specified taking into account the corresponding reagents.

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

When standardizing working capital, several methods are used:

direct account;

analytical;

experimental laboratory;

reporting and statistical;

coefficient.

Direct counting method based on the actual need for working capital. It is used when it is possible to determine the duration of the execution of business processes included in the company's operating cycle. Provides a reasonable calculation of stocks 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, the practice of settlements between enterprises.

Analytical method Assessment 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 surplus and unnecessary stocks, as well as for changes in the conditions of production and supply. It is used in those companies where funds invested in material values \u200b\u200band costs occupy a large share in the total amount of working capital.

Experimental laboratory methodbased on measurements of the consumption of working capital and the volume of products (work) produced in laboratory and experimental production conditions. Consumption rates are established by selecting the most reliable results and calculating the average using mathematical statistical methods. The most appropriate areas of application of these norms are auxiliary and chemical production, technological processes, extractive industries and construction.

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

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

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

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

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

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

productive reserves;

unfinished production;

future spending;

finished products in the warehouse of the enterprise;

cash on hand in storage.

Let's consider in more detail the normalization of each of the elements.

RATING IN PRODUCTION STOCKS

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

• raw materials;
• basic materials and purchased semi-finished products;
• auxiliary materials;
• fuel;
• container;
• spare parts;
• low value and wearing out items (MBP). The composition of the IBE includes labor instruments with a service life of up to one year, including:

o low-value and wearing out tools and devices;

o low-value household equipment;

o special clothing and footwear;

o special tools and devices;

o replaceable equipment;

o production containers.

Depending on the purpose of the stock and the need to prepare material resources for use in production, current, insurance (or guarantee), technological (or preparatory) and transport stocks are distinguished.

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

Z tech \u003d P cf. days × T, (1)

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

T - time between two successive deliveries, days.

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

Z page \u003d N h. pp × P, (2)

where N h. p - the rate of the safety stock of materials, days;

P is the average daily need for this type of materials, rubles.

Preparatory (technological) stock (3 of those) is created in cases when the raw materials and materials arriving at the enterprise require appropriate additional preparation: drying, sorting, cutting, assembly, etc. The rate of the preparatory stock is determined taking into account the specific production conditions and includes the time for receiving, unloading, paperwork and preparation for the further use of raw materials, materials and components. The amount of such a stock is determined as follows:

Z those \u003d P cf. days × T c, (3)

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

Transport stock (Z tr) is formed in the event of a discrepancy in the timing of the movement of document flow and payment for them and the time spent on the way of materials. Its value is calculated by direct and analytical methods.

The direct counting method is used with an insignificant range of consumable material resources coming from a limited number of suppliers. If the supplier is far away, the raw material payment documents arrive and are paid by the company before the shipment 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 in the company.

With a large number of suppliers and a significant nomenclature of consumed resources, the transport stock rate is determined by an analytical method. To do this, from the accounting data for the last year, the balances of inventory items in transit at the beginning of each quarter are taken minus the cost of resources that were delayed on the way 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 line + Z tech + Z tr. (4)

Working capital ratio in inventory ( N nz) is calculated by the formula:

N nz \u003d Z total × R, (5)

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

Example 1

The enterprise OJSC "XXX" works with 40 suppliers with a total delivery cycle of 2000 days. The safety stock rate (Z page) is set at 35% of the current stock rate (Z tech). The average daily requirement (P avg. Day) in material (for example, in large-section steel St3) is 50 kg, the price per 1 kg is 48.6 rubles. The technological cycle lasts 10 days. Let us determine the standard of working capital in production inventories, in this case - in large-sized steel ( N nz).

1. Find the one-day consumption of steel in value terms: P \u003d 50 × 48.6 \u003d 2430 rubles.

2. The rate of the current stock (Z tech) is equal to: 2000/40/2 \u003d 25 days.

3. The rate of the safety stock (3 lines): 25 × 0.35 \u003d 9 days.

4. Technological stock rate (3 those): 10 days.

5. General stock rate (Z total): 25 + 9 + 10 \u003d 44 days.

6. The ratio of working capital in inventory ( N pz): 44 × 2430 \u003d 106,920 rubles.

STANDARDING IN UNFINISHED PRODUCTION

Unfinished production - products at various stages of processing - from the launch of raw materials, materials and components into production to the acceptance of the finished product by the technical control department. It is determined by the value of the advanced funds invested in the costs 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 chain of the technological process.

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 cost increases in the production process.

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

N npz \u003d C avg × T c × K n, (6)

where С avg is the average daily output at cost, rubles;

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

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

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

where МЗ - planned material costs, rubles;

R pr - other expenses by cost elements, rubles;

С plan - the planned unit cost, rubles.

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

K n \u003d Ts av / S prod, (8)

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

From production - the production cost of the product.

Example 2

At the enterprise of JSC "XXX", a product remains in work in progress AND, the production of which requires basic materials, purchased components that make up material costs, wages of production workers, as well as other costs, which include overhead costs, etc. Data for calculating the rate of working capital in work in progress (in a product AND) are presented in table. 1.

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

Name	Designation	Amount, rub.
Calculation data
Material costs according to plan
Production workers wages
Social security contributions
other expenses
Planned cost
Production cost
Product WIP Price
Average daily production at cost
The duration of the production cycle for the manufacture of this product
Calculated part
Increase in costs (with a uniform increase in costs)
Ratio of cost increase (with uneven cost increase)
Working capital rate in work in progress:
with a uniform increase in costs	N npz0
with uneven increase in costs	N npz1

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

Norms of working capital in the product AND 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.

RATING OF FINISHED PRODUCTS

The next element in the regulation of working capital is working capital standard for finished products - products accepted by the technical control department and delivered to the warehouse of finished products, for which the production cycle has ended. The rate of working capital for finished products is determined by the time from the moment the products are received at the warehouse until the customer pays for it 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 picking and selection of products to the size of the shipped batch and in the range according to orders, orders, contracts;

time required for packaging, product labeling;

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

time of loading products into vehicles;

storage time of products in the warehouse.

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

N rp \u003d In days × N zgp, (9)

where In day is the average daily output of each product at the production cost, rubles;

N zgp - the rate of stock of finished products, days. It includes the time required for the acceptance of products from the shops, the assembly of the transport batch, the packaging and shipment of products, and the paperwork.

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 of JSC "XXX"

REGULATION OF EXPENSES FOR FUTURE PERIODS

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

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

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

where P bud. pl is the amount of funds in future expenses at the beginning of the planned period, rubles;

R pl - expenses incurred in the planned period, rubles;

Р с - expenses written off to the cost of production in the planned period, rubles;

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

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

R pl - expenses according to the plan for the year, rubles;

R cn - expenses to be written off in the planning year, rubles.

Example 4

Let's calculate the standard of working capital for future expenses (the results are in Table 3).

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

GENERAL WORKING CAPITAL REGULATION

Completing the process of rationing, the aggregate standard of working capital is established by adding up private standards for inventories, work in progress, deferred costs and finished products.

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

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

N total \u003d N pz + N wp + N rbp + N rp. (12)

Example 5

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

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

Working capital ratio by elements (items), thousand rubles				General standard, N total
Productive reserves, N pz	Unfinished production, N wp	Finished products, N r	Future spending, N rb

Thus, correctly conducted rationing of working capital allows economical use of financial resources, contributes to the successful implementation of economic activities and strengthening the financial condition of the company.

M. V. Altukhova,
economist of OJSC "Rudoavtomatika"

They are grouped in various ways. Usually allocate two groupsdiffering by the degree of planning: standardized and non-standardized working capital.

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

Non-standardized working capital - circulation funds are usually not standardized, these include funds in settlements, funds in the cash desk of the enterprise and in bank accounts.

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

Rationing of working capital

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

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

The standardization of working capital is carried out in monetary terms. The basis for determining the need for them is cost estimate for production for the planned period. Moreover, for enterprises 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 enterprises with seasonal nature of production - data from the quarter with the lowest production volume, 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 standardized elements in monetary terms.

The process of regulation of working capital

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

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

This indicator is relatively stable and can 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, it is determined the amount of working capital required to create standardized stocks for each type of working capital. This is how private standards.

The standard of a separate element of working capital calculated by the formula:

• Н - standard of own circulating assets for an element;
• О - turnover (consumption, output) for this element for the period;
• T is the duration of the period;
• Нз - 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 necessary for the normal economic activity of the enterprise.

General standard of working capital

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

H total \u003d H p.z + H n.p + H gp + H b.r,

• Нпз - standard of production stocks;
• Нн.п - standard of work in progress;
• Нг.п - finished product standard;
• Нб.р - standard of future expenses.

Production stock rate

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

N p.z \u003d Q days (N p.z + N p. 3 + N p.),

• Q days - average daily consumption of materials;
• N p.z. - the rate of the preparatory stock, days;
• N tz. - current stock rate, days;
• N page - the rate of the safety stock, days;

Preparatory stock associated with the need for acceptance, unloading, sorting and storage of production stocks. The rates of time required to perform these operations are set for each operation for the average delivery size based on technological calculations or by means of timing.

Current stock - the main type of stock required for the smooth operation of the enterprise between two successive deliveries. The size of the current stock is influenced by the frequency of supply 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 50% average supply cycle, which is due to the supply of materials by several suppliers and at different times.

Technological stock is created in cases when a given type of raw material needs preliminary processing or aging to give it certain. This stock is taken into account if it is not part of the production process. For example, in preparation for the production of certain types of raw materials and materials, time is needed 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 flow at enterprises remote from suppliers for 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% of the current stock, but may be less than this value depending on the location of the suppliers and the likelihood of a supply disruption.

Rationing of work in progress

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

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

The volume of production directly affects the amount of work in progress: the more products are produced, the larger the work in progress will be... Changes in the composition of manufactured products have a different effect on the amount of work in progress. With an increase in the share of products with a shorter production cycle, the volume of work in progress will decrease, and vice versa.

Standardization methods

There are the following methods for standardizing current assets:

Direct counting method provides for a reasonable calculation of stocks 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 laborious, but it allows you to most accurately calculate the company's need for working capital.

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 the volume of production and the size of the standardized 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 production conditions; supply; product sales; calculations.

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

One of the main components of working capital are productive reserves - a complex group of circulating assets, 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 of rationing individual elements of production stocks 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 rate of working capital for certain types or groups of raw materials, basic materials and purchased semi-finished products and their one-day consumption.

The rate of working capital 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), as well as preparatory stocks (N p).

Thus, working capital standard for production stocks of raw materials, basic materials and purchased semi-finished products(1Т ПЗ) is determined by the formula:

Current stock - the main type of stock, therefore, 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 influenced by the frequency of supply 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 planned 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 condition that one payment document is issued for all shipments.

Example 7.7-

Calculation of the average delivery interval. The material comes from three suppliers in accordance with the timetables. From the first supplier - 1 and 16, from the second - 6 and 16, and from the third - 6, 14 and 21. Consequently, the consumer has five deliveries per month (1.6, 14, 16 and 21st), and 60 deliveries per year (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 supply of resources that has developed in the reporting period. When using planning information, the stock rate is calculated on the basis of contracts, delivery schedules, orders, stock notices and other similar documents in which the volume is determined and the delivery dates are set. 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 supplies. 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 that 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 the warehouse in the form of an insurance (guarantee) stock, the rate of working capital in days is usually set within up to 50% of the rate of the current stock, if this material comes in transit from suppliers from other cities. The safety stock rate is increased in excess of 50% in the following cases:

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

The closer the suppliers are, the less frequent interruptions in the delivery of products, the less the size of the safety stock. If materials are delivered from warehouses by road, no safety stock is provided. Only in the case of remoteness of these warehouses, the rate of working capital in the safety stock is set at up to 30% of the rate of working capital in the current stock. The safety stock can also be determined based on actual reported deviations from the average delivery interval.

Example 7.8-

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

Table 7.6

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

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

The average sampled deliveries in this example are 400 tonnes (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 rate of working capital in terms of the safety stock is taken at 5.5 days (60: 11).

Transport stock is created in case of exceeding the terms of freight turnover in comparison with the terms of document flow. Transport stock is not created if the turnover period coincides with the document turnover period or is less than it. When supplying materials over long distances, the payment date for settlement documents is ahead of the arrival date of material assets. At the time the materials are on the way after payment of the settlement documents, the buyer has a need for funds.

The amount of transport stock is calculated by direct and analytical methods. Direct counting method it is used with a small nomenclature 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 subtracted: the time for issuing payment documents and their processing at the supplier's bank, the time of the mail run 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 nomenclature of consumed resources, the transport stock rate is determined analytical method. For this, data on the balances of inventories on the way at the beginning of each quarter are used, minus the cost of resources that were delayed on the way beyond the established time frame.

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

where О avg is the average balance of paid material assets in transit for the past period (excluding the cost of goods delayed on the way beyond the established time limits, as well as unnecessary and unnecessary materials), rubles;

Оj, ..., О я - the remains of paid material assets on the way to the beginning of the quarter for the reporting period, rubles;

p - the number of quarterly balances accepted for calculation.

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

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

R day - one-day consumption of inventory items according to the estimated production costs of the reporting period, rubles.

The resulting indicator is adjusted for the approximation of suppliers and consumers, improvement of transport performance, acceleration of calculations in the planned period and is taken as the transport stock rate.

Example 7.9-

Calculation of the transport stock rate.

• 1. Direct counting method. The movement of goods from supplier to buyer takes 15 days. Postal mileage of settlement documents is five days. Processing of documents at the supplier and in 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 reported data, the amount of materials en route, minus those delayed beyond the normal time of promotion, is: 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. Average daily consumption of materials in 2016 - 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 norm of working capital for materials in transit is two days (20,000: 10,000). The result obtained is adjusted taking into account the planned measures to improve supply and calculations.

Technological stock created for the period of preparation of materials for production, including analysis and laboratory tests. This stock is considered if it is not part of the production process. For example, in preparation for the production of certain types of raw materials and materials, time is needed for drying, heating, grinding, settling, bringing to certain concentrations, etc.

Preparatory stock, required for the period of unloading, delivery, acceptance and storage of materials is also taken into account in the calculation of 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 lead time is limited to the cost of the first batch. When contracts with suppliers provide for the performance of the relevant 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 (column 2 + column 3 + column 4), days	One-day expense, thousand rubles	Working capital ratio (column 5 x column 6), thousand rubles
The main materials
Purchased semi-finished products
Material values \u200b\u200bin transit
Total