How to calculate the working capital ratio. Working capital rationing methods

Production stocks are called material resources located at the enterprise, but not entered into the production process.

Rationing working capital in inventories begins with the determination of the average daily consumption of raw materials, basic materials and purchased semi-finished products in the planned year.

The average daily consumption of raw materials, basic materials, purchased products and semi-finished products is calculated by groups, and in each group their most important types are distinguished, which make up approximately 80% of the total cost material resources this group. Unrecorded types of raw materials, basic materials, purchased products and semi-finished products are classified as expenses for other needs. The average daily consumption of material resources P is the quotient of dividing the sum of all planned annual costs of raw materials, basic materials, purchased products and semi-finished products by the number of working days in a year (360). The standard of industrial stocks consists of the current, insurance, technological, transport stock.

The current stock (TK) is intended to provide production with material assets between two reporting deliveries:

where J is the delivery interval, days.

This is a constant supply of materials, fully prepared for production.

This stock is the maximum. The current stock reaches its maximum value at the time of the next delivery. With use, it decreases and is completely consumed by the time of the next delivery.

In the process of calculating current stocks, the most time-consuming is the establishment of a delivery interval, i.e. interval between two successive deliveries. In case of untimely receipt of goods, i.e. when the actual interval (J) exceeds the planned interval (J), a situation may arise to stop production due to lack of required material. To avoid stopping the production process, a safety stock is created.

Safety stock (SZ) is defined as half the product of the average daily material consumption (P) and the gap in the supply interval (J-JPL),

SZ \u003d P * (J-J) * 0.5

negotiable means of rationing

With an aggregated estimate, it can be taken in the amount of 50% of the current stock. In the case when an industrial enterprise is located far from transport routes or non-standard, unique materials are used, the safety stock rate can be increased up to 100%. When supplying materials under direct contracts, the safety stock is reduced to 30%.

The occurrence of safety stock is due to a violation in the supply of material on the part of the supplier. If this violation is associated with a transport organization, a transport stock (TrZ) is created, including those working capital that are diverted from the day the supplier's invoice is paid until the cargo arrives at the warehouse. The transport stock is calculated in the same way as the safety stock:

ТрЗ= Р*(J-J)*0.5

The most time-consuming process is the determination of the interval for the supply of insurance and transport stock, which are subject to the influence of both permanent and temporary factors. Therefore, when calculating the norms of working capital, it is necessary to take into account the specific production and economic conditions of each industrial enterprise.

Technological (preparatory) stock is created in cases where incoming material assets do not meet the requirements technological process and undergo appropriate processing prior to being put into production. The technological stock is calculated as the product of the material manufacturability coefficient and the sum of stocks (current, insurance, transport):

The material manufacturability coefficient is set by the commission, which includes representatives of suppliers and consumers.

The preparatory stock is associated with the need for acceptance, loading, sorting and warehousing of production stocks. The time standards required for these operations are set for each operation on the average size of the supply based on technological calculations or by timing.

In this case, the lead stock is equal to the sum of the average time for receiving and unloading incoming material and the time for paperwork and warehousing, divided by the number of working hours (8). Technological reserve is not specified.

Stock rate:

NZ \u003d PZ + TZ + SZ + TRZ,

where NZ - stock rate;

ПЗ - preparatory stock;

TK - current stock;

SZ - safety stock;

TRZ - transport stock.

The lead time is calculated as the sum of the average time for receiving and unloading incoming material from the supplier and the average time for paperwork, quality control and warehousing for one delivery, divided by 8 hours.

Stock rate calculation

Material name	Preparatory stock, days	Current stock, days	Safety stock, days	Transport stock, days	Stock rate, days

Calculation of one-day consumption of materials in value terms:

n=total quantity of materials in physical units*normative price per unit of materials / number of working days per year.

Number of working days in a year - the number of days in a year minus weekends and public holidays (250).

Determining the daily consumption of materials:

The stock rate for each type of material is equal to the product of the total stock rate and the daily consumption of materials:


Reserve standard, rub.

The total standard for the stock of materials is equal to the sum of the stock standards for certain types materials:

SNZ= 244568.305, where

SNZ - the total stock of materials.

The working capital ratio for spare parts is set on the basis of their actual consumption per 1 million rubles. the cost of all equipment by dividing the working capital ratio by the book value of the equipment.

The standard for spare parts is calculated depending on the group of equipment. The first group includes equipment for which standard norms of working capital for spare parts have been developed; the standard is defined as the product of standard norms and the amount of this equipment, taking into account reduction factors. The second group includes large, unique, including imported, equipment, the standard for which is determined by the direct counting method. The third group of equipment includes small single equipment, the standard for which is established by the lumped account method. The working capital ratio for spare parts is generally equal to the sum of the ratios for the three groups of equipment.

The working capital ratio in the stocks of low-value and wearing items is calculated for each of the items according to the stock in the warehouse and operation. For warehouse stock, the standard is determined in the same way as for raw materials, basic materials; for the operating stock, the standard is set, as a rule, at a rate of 50% of the cost of items, the other half of their value is written off to the cost of production upon transfer to operation.

The current system of normalization of working capital has a number of negative consequences, and therefore needs to be improved. For example, the standard of working capital in stocks of goods material assets takes into account the cost of stocks of individual materials, which does not meet the real need. In fact, the cost of a daily stock of materials and finished products is not constant and can significantly deviate from the planned value during the year. Therefore, when planning working capital on the basis of the standard, it is necessary to take into account the fact that with a significant range of materials, one part of them can be characterized by maximum reserves, and the other by minimum ones. If the maximum reserves in the process of production activity increase, then the value of normalized working capital will exceed the real need, i.e. there will be excess reserves.

The rate of working capital in inventories includes the following elements:

the time spent by the enterprise paid for materials in transit ( transport stock), days;

time for acceptance, unloading, sorting, warehousing and preparation for production ( preparatory or technological stock), days;

the time spent in the warehouse in the form of a shift, daily, and the like stock ( current stock), days;

the time spent in the warehouse in the form of a guarantee stock ( safety stock), days

Inventory standard(N pz) can be determined by the formula

where Q cy t is the average daily consumption of materials (consumption rate);

N TP - the norm of the transport stock, days;

N PZ - the norm of the preparatory (technological) stock, days;

N T Z - current stock rate, days;

N ctp - safety stock rate, days.

Average daily consumption raw materials, basic materials, purchased products and semi-finished products is calculated by groups, and in each group their most important types are distinguished, which make up approximately 80% of the total value of the material assets of this group.

Data for calculating the average daily consumption of material resources are given in table. four.

The average daily consumption of material resources is calculated by dividing the sum of all planned annual costs of raw materials, basic materials, purchased products and semi-finished products (972 million rubles) by the number of working days in a year (360 conditional days), i.e. R = 972 / 360 = 2700 rubles

Transport stock norm calculated by the direct counting method or the analytical method. The direct counting method is used with a narrow range of consumable material resources coming from a limited number of suppliers. In this case, according to the results of the previous period, the average duration of the cargo run from the supplier to the consumer is determined, which is the norm of the transport stock. With a large number of suppliers and a wide range of consumable material resources, the norm of the transport stock is determined by the analytical method based on the norm of the previous period.

Norm of a preparatory stock. A preparatory (technological) stock is created in cases where incoming material assets do not meet the requirements of the technological process and undergo appropriate processing before being put into production. The technological reserve is calculated as the product of the manufacturability coefficient of the material Kteh by the sum of the reserves (current, insurance and transport):

TekhZ = (ТЗ + СЗ + ТрЗ) Ktech.

The material manufacturability coefficient is set by the commission, which includes representatives of suppliers and consumers.

Table 4

Calculation of the average daily consumption of materials

Current stock rate. The current (warehouse) stock is a permanent stock of materials fully prepared for production. It is designed to ensure uninterrupted production activities of the enterprise. The value of this stock depends on the frequency (interval) of supplies of this type of material. Half of the weighted average interval between deliveries is taken as the norm of the current stock.

Safety stock standard. An insurance (warranty) stock of materials is created in case of violation of the terms or volume of deliveries, upon receipt of low-quality or incomplete materials. The safety stock rate is usually set at 50% of the current stock rate.

Example calculation of the norm of working capital in inventories is given in table 5.

Table 5

An example of calculating the norm of working capital in inventories

Rationing of working capital in work in progress

Working capital in work in progress is advanced to create cycle, turnover and insurance reserves that ensure the uninterrupted course of the production process in workshops and on sites. In physical terms, the balance of work in progress consists of the required number of parts, assemblies and semi-finished products at and between workplaces. The size of work in progress is determined by the following factors:

the volume of products produced;

duration of the production cycle;

the coefficient of increase in costs (readiness of products) in
work in progress.

Output volume affects the size of work in progress through the value of one-day output, calculated at cost. The volume of production is determined on the basis of existing customer orders and sales forecasts.

Production cycle time determines the duration of the funds in work in progress (stock rate in days). The production cycle is measured in calendar time units (days, hours, minutes) and contains the following elements; working period, natural processes, breaks. The composition and correlation between the individual elements of the production cycle characterize its structure.

Cost escalation factor(Knz) characterizes the level of product readiness as part of work in progress. The need to calculate the cost escalation factor is due to the fact that the costs in work in progress are carried out in different time. Usually they are divided into one-time and other costs. One-time costs include the consumption of raw materials, basic materials, semi-finished products. Other costs ( wage, depreciation, overheads, etc.) increase gradually throughout the cycle. The coefficient is calculated as the ratio of the cost of work in progress to the planned cost of the product and takes into account the duration of the production cycle. With an uneven increase in costs, use the formula:

where Zi is the cost of i-th period time on an accrual basis (i = 1, 2, ..., n);

C - the planned cost of the product;

T is the duration of the complete production cycle of the product in calendar time units (days, weeks, months).

Example. The cost of production - 1000 rubles. The duration of the production cycle is 4 days. Costs on the 1st day - 300 rubles, on the 2nd day - 300 rubles, on the 3rd day - 200 rubles, on the 4th day - 200 rubles. Determine the cost escalation factor.

The rate of working capital in work in progress calculated for the enterprise as a whole or for divisions with subsequent summation. To do this, use the formula:

where Nnp - the rate of working capital in work in progress for the enterprise as a whole;

Ti - the duration of the production cycle of a product or unit;

Ki - cost increase factor of a product or subdivision;

n is the number of product groups, divisions.

Standard of working capital of work in progress calculated by the formula:

where C / T - the rate of one-day production at the planned cost;

C is the total cost of manufactured products;

T - number calendar days in the period.

Example. We use the data of the previous example based on the rate of working capital in work in progress.

Working capital ratio- this is the minimum required amount of funds to ensure the economic activity of the organization, enterprise. The organization's working capital ratio is set for:

core business,
capital repairs carried out on their own,
housing and communal services,
auxiliary, auxiliary and other farms that are not on an independent balance sheet.

How to determine the working capital ratio

The working capital ratio is determined by summing up the product of one-day consumption of material assets, production output and the stock rate in days by relevant types working capital.

The one-day consumption of material assets or the output of products at enterprises with a uniformly increasing volume of production throughout the year is calculated according to the cost estimate of the 4th quarter. planned year, since the volume of production costs, as a rule, is the largest in this quarter.

At enterprises with a seasonal nature of production, one-day consumption is calculated according to the cost estimate of the quarter with a minimum volume of production, since the need for working capital in excess of the minimum is covered by borrowed funds. It is determined by dividing the amount for the corresponding article of the quarterly cost estimate by 90 days.

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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 normal economic activity enterprises.

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 when this species raw materials need 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 the reliability that allows you to make the most accurate calculations private and aggregate standards.

From the point of view of production efficiency, the volume of working capital should be optimal, i.e. sufficient to ensure an uninterrupted production process, but at the same time minimal, not leading to the formation of excess stocks, freezing funds, increasing production costs and product sales. The need to form working capital in optimal size is caused by the fact that there is a time lag between the time of consumption of material resources in production and the receipt of sales proceeds, which depends on many internal and external factors. The amount of working capital sufficient for the normal functioning of the production process and the sale of products is established by normalizing working capital, which is the basis for their rational use.

Rationing of working capital - this is the process of determining the minimum, but sufficient for the normal course of the production process, the amount of working capital in the enterprise.

In a market economy, the value of working capital rationing is very high: enterprises must independently establish and control the working capital standard, since in the end, the efficiency of the enterprise and its financial position (solvency, stability, liquidity) depend on this. Understating the amount of working capital entails an unstable financial situation, interruptions in the production process and, as a result, a decrease in production volume and profitability. On the contrary, an overestimation of the size of working capital freezes funds in any form (warehouse stocks, suspended production, excess raw materials and materials), thereby preventing investments in the expansion and renewal of production.

In the practice of intra-production planning, enterprises use the following methods of normalization of working capital.

Analytical the method involves the calculation of the need for working capital in the amount of their actual average balances, taking into account the growth in production in the planning period. A detailed analysis of the effectiveness of the use of working capital in the base period is preliminary carried out, factors and reserves for accelerating their turnover are identified. It is used at enterprises, in the structure of working capital of which a large share is occupied by inventories.

coefficient the method is based on dividing the elements of working capital into two groups depending on the change in the volume of production. The current assets included in the first group depend on the volume of production. The calculation of the need for them is made by the analytical method based on their size in the past period and the expected growth in production volume (raw materials, materials, finished products, work in progress). The second group includes deferred expenses, spare parts, low-value and wearing items, i.e. all types of working capital, the value of which does not depend on changes in the volume of production. Rationing of working capital of the second group is made on the basis of actual average balances for the previous period.

Method direct account consists in calculating the need for normalized working capital for each of their elements. The advantage of this method lies mainly in the fact that it allows you to accurately determine the need for working capital. However, it is quite laborious, requires highly qualified economists, and is mainly used with a narrow range of material resources. The method is used to clarify the need for working capital of an existing enterprise or when organizing a new enterprise, when there are no statistical data, no rhythmically operating production, or a formed production program yet.

The method of direct counting requires the determination of stock rates and average daily consumption for certain types of working capital. When normalizing working capital, it is necessary to take into account the dependence of norms and standards on the duration of the production cycle, the conditions of logistics (intervals between deliveries, the size of the supplied lots, the remoteness of suppliers, the speed of transportation) and the conditions for the sale of products.

The methodology for calculating the need for working capital using the direct account method is presented below.

General working capital ratio is the sum of private standards:

where Np.z - the standard of production stocks;

Nn p - the standard of work in progress;

Ng.p - the standard of finished products;

Nb.r - normative expenses for future periods.

All components of the general standard of working capital must be presented in monetary terms.

Inventory standard is determined by the formula:

where Q cyt is the average daily consumption of materials, rub.;

N - the stock rate for this element of working capital, days.

The working capital stock rate is the period (number of days) during which working capital is diverted into production stocks. The reserve rate consists of the current, preparatory, insurance, transport and technological reserves:

current stock - the main type of stock, ensuring the continuity of the production process. The size of the current stock is affected by the frequency of deliveries under contracts and the volume of consumption of materials in production. It is usually accepted at the level of half the average interval between deliveries. The average interval between equal deliveries (supply cycle) is determined by dividing 360 days by the number of planned deliveries.

Insurance, or warranty, stock needed in case of unforeseen circumstances (for example, in case of short supply of raw materials) and is set, as a rule, in the amount of 50% of the current stock, but may be less than this value depending on the location of suppliers and the likelihood of interruptions.

Transport stock will be created only in case of exceeding the terms of cargo turnover in comparison with the terms of document circulation. Document flow - the time for sending settlement documents and handing them over to the bank, the time for processing documents in the bank, the time for the postal run of documents. In practice, the transport stock is determined on the basis of actual data for the previous period.

Technological reserve will be created during the preparation of materials for production, including analysis and laboratory testing. The technological reserve is taken into account only if it is not part of the production process.

Preparatory Stock is established on the basis of technological calculations or by means of timing and refers to materials that cannot immediately go into production (wood drying, grain processing).

In a number of cases, a seasonal reserve norm is also established, when the seasonal nature is the type of harvested resources (sugar beet) or the method of delivery (water transport).

Working capital ratio for work in progress is determined by the formula:

where V cyt is the planned average daily output of products at the production cost;

T c - the duration of the production cycle, days;

Кн.з - coefficient of increase in costs.

At enterprises with uniform output, the cost increase coefficient can be determined by the formula:

where a - costs incurred at a time at the beginning of the production process (raw materials, basic materials, semi-finished products);

in - subsequent costs until the end of the production of finished products (for example, wages, depreciation).

Working capital ratio for deferred expenses is determined by the formula:

where P is the carry-over amount of deferred expenses at the beginning of the planned year (taken from the balance sheet);

P - deferred expenses in the coming year (determined on the basis of the scientific and technical development plan of the enterprise);

C - deferred expenses to be written off to the cost of production of the coming year in accordance with the planned cost estimate for production.

Working capital ratio for stocks of finished products:

where T f.p - the time required to form a batch to send the finished product to the consumer, days;

T o.d - the time required to complete the documents for sending the goods to the consumer, days.

As mentioned above, the total standard of working capital at the enterprise is equal to the sum of the standards for all elements. General norm of all working capital in days is established by dividing the general standard of working capital by the average daily output of marketable products at production cost.