Table 1.2
Total balance of receivables expected to be collected in the first quarter 70% of quarterly sales are paid in the sales quarter, 28% of quarterly sales are paid in the next quarter; the remaining 2% represent bad debts.
3) Based on the sales forecast and the established practice of maintaining stocks of finished products, a production plan was developed (Table 1.3).
Production plan
Table 1.3
10% of next quarter's sales
Indicative estimate
Similar to stock of finished goods at the end of the previous quarter
4) A plan for the income and expenses of the enterprise has been drawn up. The purpose of this document is to show how profit will be formed and changed.
Among the analyzed indicators are:
a) income from the sale of goods;
b) production costs of goods;
c) total profit from sales;
d) overhead costs (by type);
e) net profit (line in) minus string G)).
Income and expense plan
Table 1.4
| Indicator (in thousand rubles) | Quarter | Total | |||
| I | II | III | IV | ||
| Sales revenue | 120000, 00 | 105000, 00 | 135000, 00 | 120000, 00 | 480000, 00 |
| Import costs | 12000, 00 | 10500, 00 | 13500, 00 | 12000, 00 | 48000, 00 |
| Gross profit from sales | 108000, 00 | 94500, 00 | 121500, 00 | 108000, 00 | 432000, 00 |
| General production costs, including | 5280, 00 | 4620, 00 | 5940, 00 | 5280, 00 | 21120, 00 |
| trading costs | 1200, 00 | 1050, 00 | 1350, 00 | 1200, 00 | 4800, 00 |
| advertising | 1200, 00 | 1050, 00 | 1350, 00 | 1200, 00 | 4800, 00 |
| wages of management personnel | 600, 00 | 525, 00 | 675, 00 | 600, 00 | 2400, 00 |
| depreciation | 1200, 00 | 1050, 00 | 1350, 00 | 1200, 00 | 4800, 00 |
| others | 1080, 00 | 945, 00 | 1215, 00 | 1080, 00 | 4320, 00 |
| Profit | 102 720, 00 | 89 880, 00 | 115 560, 00 | 102 720, 00 | 410 880, 00 |
5) A balance of cash receipts and payments has been developed (Table 1.5). Its main task is to check the synchronism of the receipt and expenditure of funds, and hence the future liquidity of the enterprise in the implementation of this project. The information obtained in this way serves as the basis for determining the total cost of the entire project.
Balance of cash receipts and payments
Table 1.5
| Indicator (in thousand rubles) | Quarter | Total | |||
| I | II | III | IV | ||
| Sales proceeds | 86500, 00 | 107100, 00 | 123900, 00 | 121800, 00 | 439300, 00 |
| Payments, including | 62000, 00 | 59000, 00 | 47000, 00 | 5000, 00 | 173000, 00 |
| equipment | 50000, 00 | 50000, 00 | 40000, 00 | 140000, 00 | |
| office equipment | 10000, 00 | 7000, 00 | 5000, 00 | 3000, 00 | 25000, 00 |
| others | 2000, 00 | 2000, 00 | 2000, 00 | 2000, 00 | 8000, 00 |
| Growth in cash | 24500, 00 | 48100, 00 | 76900, 00 | 116800, 00 | 266300, 00 |
| Balance at the beginning | 50000, 00 | 74500, 00 | 122600, 00 | 199500, 00 | 446600, 00 |
| Remaining at the end | 74 500, 00 | 122 600, 00 | 199 500, 00 | 316 300, 00 | 712 900, 00 |
A plan was calculated for the sources and use of funds, i.e. a plan to raise funds to start or expand an enterprise.
In doing so, you need to answer the following questions:
1. How much funds are required to implement this project.
2. Sources of financial resources and the form of their receipt.
Sources can be:
a) own funds;
b) bank loans;
c) attracting funds from partners;
d) raising funds from shareholders, etc.
3. The term of the expected full return on invested funds and the receipt by investors of income on them.
Plan for Sources and Use of Funds
Funds from different sources, total……………….…889800
Including:
Real estate loan……………………………..…200000
Own funds:
Profit of previous years…………… ………………….. 250000
Profit of the planned year……… …………………432000
Depreciation………………………………………………….4800
Use of funds, total…………………….……679000
Including:
For the purchase of equipment……………………………. 140000
For the increase in reserves……………………………………..519000
To repay the loan…………………………………...…20000
Net increase in working capital………………. 210800
staffing
The organization's staffing table is a document that displays the structure of the company, the list of positions, the amount of wages and additional payments. This document is one of the reporting forms of a legal entity. Why do I need a staffing table and how to fill it?
The organization's staffing table is not a primary document (a document that is the basis for accounting), therefore, some heads of organizations consider its compilation optional. But in practice, in most cases, tax and labor inspectorates are asked to present this document during an inspection, and they can be fined for its absence.
Lack of staffing can make it harder to fire redundant employees- if there is no approved list of positions in the state, then it will be difficult to prove its reduction.
FINANCE AND FINANCIAL PLANNING FOR
ENTERPRISE: CONCEPT, ESSENCE, FUNCTIONS
1.1. Enterprise finance: concept, essence, functions
Finance represent an economic category functioning in various socio-economic formations. The essence of finance, their role in social reproduction is determined by the economic structure of society, the nature and functions of the state
Finance is a set of monetary relations that arise in the process of formation, distribution and use of centralized and decentralized funds of funds in order to fulfill the functions and tasks of the state and ensure conditions for expanded reproduction.
In terms of material content, finance is targeted funds of funds, which together represent the financial resources of enterprises. In accordance with the Law of the Russian Federation "On Enterprises and Entrepreneurial Activity", the financial resources of enterprises are mainly profit and depreciation, income from securities, share contributions, and sponsors' funds.
It can be concluded that finance is an objective economic category associated with the patterns of development of material production under certain conditions, while the state acts as the organizer of specific financial relations. The state actively influences finances depending on the political structure, main tasks, current conditions and other reasons.
At present, with the development of market relations, the sphere of financial relations of enterprises is increasing dramatically. Enterprise finance is the basis of the financial system of any state, since it is in the sphere of material production that the total social product and national income are created and initially distributed.
The essence of finance is manifested in their functions. Finance performs two main functions: distributive and control. These functions are carried out in parallel in time, since each financial transaction includes, on the one hand, the distribution of the social product and national income, and on the other hand, control over this distribution.
Distributive function of finance connected with the distribution of the gross domestic product and its main part - the national income. Without the participation of finance, the national income cannot be distributed.
Financial relations arise at the stages of distribution and redistribution of national income. Primary distribution is carried out according to the place of creation of the national income, i.e. in the field of material production.
Further, it is necessary to further distribute or redistribute the national income, associated with the presence of a non-productive sphere in which national income is not created (education, health care, social insurance, management), with inter-sectoral and inter-territorial redistribution of funds, the maintenance of the least well-off strata of the population - pensioners, students, single and mothers of many children, etc.
Control function of finance- this is, first of all, control by the ruble in the process of objectively existing monetary relations, which permeates the entire system of relations associated with both the movement of value and the change in forms of value, and represents value control. Since finance expresses relations that arise on the basis of real money turnover, control over the ruble as a function of finance is only control over real money turnover.
Finance exercises control at all stages of the creation, distribution and use of the social product and national income. Its main purpose is to promote the most rational use of centralized and decentralized funds of funds in order to increase the efficiency of social production.
Financial planning at the enterprise
Financial planning is the planning of all income and directions of spending the company's funds to ensure its development. Financial planning is carried out by drawing up financial plans of different content and purpose, depending on the tasks and objects of planning.
Financial planning is an important element of the corporate planning process. Every manager should be familiar with the mechanics and
the meaning of the implementation and control of financial plans, at least as far as its activities are concerned.
The value of the financial plan in enterprises is that it:
- contains guidelines in accordance with which the enterprise will act;
- makes it possible to determine the viability of the project in a competitive environment;
- serves as an important tool for obtaining financial support from external investors.
The budget is a tool for both planning and control. At the very beginning of the period of action, the budget is a plan or standard; at the end of the validity period, it serves as a means of control by which management can determine the effectiveness of actions and plan actions to improve the company's activities in the future.
Cash flow planning should be carried out so that the company is able to meet the planned requirements. If periods of financial hardship are anticipated in the future, the financier should notify senior management of alternative courses of action, such as reducing proposed projects to a level commensurate with existing financial capacity, or increasing additional funds required.
financial planning ensures the interconnection of indicators of the development of the enterprise and therefore is a complex, time-consuming process that affects almost all services and departments.
The main objectives of financial planning are:
- providing sources of financing for the main activity of the enterprise (maintaining a normal level of stocks of raw materials, materials, finished products, financing the increase in working capital, reproduction of fixed production assets, etc.);
- timely and in full fulfillment of obligations to the budget and extra-budgetary funds;
- rationale for the effective investment of temporarily free cash, maintaining the balance of cash at a sufficient level;
- identification of reserves for the growth of enterprise income;
– optimization of the use of profit;
– determination of the dividend policy;
- substantiation of the size and conditions for attracting external sources to finance the investment activities of the enterprise;
- maintaining the solvency of the enterprise, ensuring its financial stability.
The methodology of financial planning at the present stage involves the solution of a number of problems by the enterprise:
- substantiation of the goal (system of goals) of the financial plan, adequate to the main directions of the enterprise's activities in the prospective period;
- determination of the system of internal and external financial restrictions relevant for the enterprise. Currently, one of the most important constraints for most businesses is the bankruptcy criterion;
– determination of the horizon of financial planning;
– choice of methods for planning financial indicators and developing financial plans;
– development of a financial planning procedure: determination of the circle of involved officials, measures of their responsibility, optimization of information communications and document flow.
The purpose of the financial planning of the enterprise is specified depending on the duration of the planned period, the results of the analysis of its financial condition at the time of the development of the financial plan, the dynamics of the main financial indicators in retrospect, the results of marketing research, as well as external conditions (such as the inflation rate, the refinancing rate of the Bank of Russia, the ruble exchange rate against hard currencies, the stability of the legal framework).
Planning goals can be different in different enterprises. Planning functions can be given different meanings depending on the type and size of the enterprise.
An enterprise that has a large overdue accounts payable, the financial situation of which is close to critical, when developing a financial plan, should be guided by the justification of anti-crisis measures that will avoid bankruptcy. An organization that receives stable income, financially stable, can, when developing a financial plan, set the goal of increasing the profitability of the sale of production as a whole,
At the same time, the system of financial planning goals of any enterprise should be focused on linking income and expenses, as well as
ensuring solvency in the short term and (or) maintaining financial stability in the long term.
The financial plan is an integral part of the business planning of an enterprise. It is intended to summarize the materials presented in the descriptive part of planning in order to present them in terms of value. The financial plan of the enterprise is an integral part of the business plan. Therefore, the development of a financial plan is closely related to all sections of the business plan and is based on them.
The financial plan of the enterprise usually consists of the following sections:
Forecast of sales volumes
Sales forecast (sales plan) - usually shows the number of units of each product that the company expects to sell. This figure is multiplied by the estimated selling price of a unit of the product to form a sales plan. The sales plan also includes a calculation of the expected cash receipts from sales on credit, which will later be taken into account when drawing up the cash plan. The sales volume forecast is intended to give an idea of the market share that is expected to be won by its products.
Production plan
After the sales plan has been prepared, a production plan is developed, i.e. the number of units of the product that is planned to be put into production is determined in order to meet the planned sales and inventory requirements. The expected production volume is determined by subtracting the estimated stock of finished goods in stock at the beginning of the period from the sum of units offered for sale and the desired amount of finished goods in stock at the end of the period.
Income and expense plan
The purpose of this document is to show how the profit of the enterprise will be formed and changed. It is based on the forecast of sales volumes.
By plotting the planned level of sales and capital expenditures over a given period, the forecast highlights the need and timing of additional funding and identifies peak working capital requirements. The Administration decides how this additional funding is to be obtained and when and how the refund will be made.
It is very important to plan the cash flow coming from customers for products sold. The procedure for settlements between the seller and buyers is fixed in a bilateral agreement between them.
Foreign practice shows that many American firms establish a three-month period of cash settlements with suppliers (sellers of products and services. At the same time, collection coefficients are established empirically (cash receipts to the settlement account of the organization (enterprise). Table 7 is compiled to predict cash receipts from sales. The main purpose of scheduling cash receipts from sales is to obtain information about future receipts of funds and balances of receivables at the end of each month of the year.
Table 6 - Initial data
According to the given collection coefficients, which are obtained on the basis of an analysis of cash receipts at the enterprise for the previous year, cash receipts for the months of collection are calculated.
From table 5 (final line “total sales”) we take the amount of sales for January and, using the collection coefficients, we find the amount of cash receipts for three months.
Let's calculate the amount of cash receipts from sales each month:
Sales proceeds January (VJanv) = 42056.38 thousand rubles rub.
The amount of funds received in January = 42056.38 * 0.35 = 14719.73 thousand rubles;
The amount of receipts in February = 42056.38 * 0.55 = 8095.85 thousand rubles;
The amount of receipts in March \u003d 42056.38 * 0.05 \u003d 2102.82 thousand rubles;
Feb. Sales Proceeds (Vfeb.) = 42181 rubles
The amount of receipts in February = 42181 * 0.35 = 14763.57 thousand rubles;
The amount of receipts in March \u003d 42262.02 * 0.55 \u003d 23199.89 thousand rubles;
The amount of receipts in April \u003d 42262.02 * 0.05 \u003d 2109.08 thousand rubles. etc
Table 7 is chess-shaped, because months are shown both horizontally (left) and vertically (top). This allows you to distribute the amounts of monthly sales from table 5, located along the horizontal line of the corresponding month.
After the distribution of funds by months, using the collection coefficients, the amounts of monthly receipts of funds are calculated in vertical columns, which fit into the line "Total receipts". At the same time, in January and February, the amounts of repayment of debts of the previous year in the planning period are taken into account.
So the amount of receipts for January (Sjan) \u003d 14719.73 + 4000 \u003d 18719.73 thousand rubles;
Feb. = 500 + 8095.85 + 14763.57 = 23359.42 thousand rubles;
Smart \u003d 2102.82+ 23199.89+ 14796.95 \u003d 40099.66 thousand rubles.
Dyanv \u003d Dfact + Vyanv - Syanv;
Feb. = Jan. +VFeb – SFeb.;
D March = Dfeb. + V March – S March,
where, Dfact - the balance of receivables at the end of the preplanned year, thousand rubles;
Jan. - sales volume in value terms for January of the planned year, thousand rubles;
Sjanv.- the amount of funds received for the month of January.
Let's calculate the carry-over balances of receivables by months of the planned year:
Dyanv \u003d 6700 + 42056.38 -18719.73 \u003d 30036.65 thousand rubles;
D Feb. = 30036.65+ 42181.62 - 23359.42= 48858.85 thousand rubles;
D March \u003d 48858.85 + 42277 - 40099.66 \u003d 51036.9 thousand rubles.
In the schedule of receipts of funds from sales, the line "total receipts" in the column preplanned year (actual) is defined as the difference between the amount in the line "total sales" (table 5) and "the amount of debt payable in the current period" for January, i.e. .:
Total receipts (actual) = 397306-4000 = 393306 thousand rubles.
Let's analyze accounts receivable:
∆D% = Dfact / Dplan * 100-100;
∆D % = 107140.28 / 6700 = 15%.
Conclusion: the balance of receivables increased by 15%, this may be due to both the internal policy of the enterprise and external factors. Internal factors include the justified provision of loans and installments, the establishment of longer debt repayment periods, problems with the sale of products. External factors include a decrease in the solvency of enterprises - creditors, jumps in inflation, the general state of settlements in the country.
Table 7 - Schedule of expected cash receipts from sales
| Name | preplanned year (actual) | month of the planned year | plan of the year | |||||||||||
| balance of deb-th debt at the end of the period, thousand rubles. | 30036,65 | 48858,85 | 51036,19 | 51870,08 | 52877,68 | 89938,77 | 91177,88 | 101106,19 | 104745,04 | 100726,90 | 104750,68 | 107140,28 | 107140,28 | |
| the amount of debt to be paid off in the current period, thousand rubles | ||||||||||||||
| proceeds from sales of each month thousand rubles | ||||||||||||||
| January | 14719,73 | 8095,85 | 2102,82 | 24918,40 | ||||||||||
| February | 14763,57 | 23199,89 | 2109,08 | 40072,54 | ||||||||||
| March | 14796,95 | 23252,35 | 2113,85 | 40163,15 | ||||||||||
| April | 14105,17 | 22165,27 | 2015,02 | 38285,47 | ||||||||||
| May | 13615,93 | 21396,46 | 1945,13 | 36957,52 | ||||||||||
| June | 12971,38 | 20383,60 | 1853,05 | 35208,03 | ||||||||||
| July | 12690,38 | 19942,02 | 1812,91 | 34445,31 | ||||||||||
| August | 17081,82 | 26842,87 | 2440,26 | 46364,95 | ||||||||||
| September | 17389,42 | 27326,22 | 2484,20 | 47199,84 | ||||||||||
| October | 13864,49 | 21787,06 | 1980,64 | 37632,20 | ||||||||||
| november | 15235,79 | 23941,96 | 39177,75 | |||||||||||
| December | 15245,03 | 15245,03 | ||||||||||||
| Total receipts thousand rubles | 18719,73 | 23359,42 | 40099,66 | 39466,60 | 37895,05 | 36382,87 | 35019,11 | 38876,90 | 46045,19 | 43630,98 | 39507,06 | 41167,63 | 440170,20 |
Business budgeting
Table 8 - Information for calculation
To calculate selling expenses, standards are set as a percentage of sales. Let's calculate them:
Delivery by own transport Jan. = 49626.53 * 0.02 = 992.53 thousand rubles;
Premium Jan. = 49626.53 * 0.007 = 347.39 thousand rubles;
Other variable expenses Jan. \u003d 49626.53 * 0.003 \u003d 148.88 thousand rubles.
Planned fixed selling expenses are set to a fixed amount at the beginning of January, including by elements. Plan calculations for other months are made taking into account expected inflation.
Rcom1= Rcom n.i. *Iinf,
where Рkom – commercial expenses at the end of the month;
Iinf - inflation index.
So, Rkom Feb. = 39*,1.0025= 39.1 thousand rubles;
Rcom March. \u003d 39.1 * 1.0025 \u003d 39.2 thousand rubles;
Rkom. April \u003d 39.2 * 1.0025 \u003d 39.29 thousand rubles.
Рfact= 39/1.0025*12+466.83
The total planned selling expenses are defined as the sum of variable and fixed expenses.
Depreciation charges should be deducted from the total planned selling expenses, as they are not current period costs.
The amount payable for commercial expenses is determined as the difference between the total and planned commercial expenses and depreciation charges.
Let's analyze the total of planned commercial expenses (PKR) and the total payment of commercial expenses (PKR):
∆VKR% \u003d PKR / VKR \u003d 18228.15 / 12290.01 * 100-100 \u003d 48%
Conclusion: the deviation of the result of payment of commercial expenses from the planned one is only 48%, which is significant.
Table 9 - Budget of commercial expenses for 2015
| Name | preplanned year (actual) | month of the planned year | plan of the year | |||||||||||
| planned sales thousand rubles | 397306,00 | 49626,53 | 49774,31 | 49886,86 | 47554,59 | 45905,14 | 43732,08 | 42784,70 | 57590,15 | 58627,17 | 46743,15 | 51366,38 | 51397,53 | 594988,59 |
| rates of variable business expenses per ruble of sales,%: | ||||||||||||||
| delivery by own transport | 7946,12 | 992,53 | 995,49 | 997,74 | 951,09 | 918,10 | 874,64 | 855,69 | 1151,80 | 1172,54 | 934,86 | 1027,33 | 1027,95 | 19845,89 |
| premium | 2781,14 | 347,39 | 348,42 | 349,21 | 332,88 | 321,34 | 306,12 | 299,49 | 403,13 | 410,39 | 327,20 | 359,56 | 359,78 | 6946,06 |
| other variable expenses | 1191,92 | 148,88 | 149,32 | 149,66 | 142,66 | 137,72 | 131,20 | 128,35 | 172,77 | 175,88 | 140,23 | 154,10 | 154,19 | 2976,88 |
| total planned variable commercial expenses, thousand rubles | 11919,18 | 1488,80 | 1493,23 | 1496,61 | 1426,64 | 1377,15 | 1311,96 | 1283,54 | 1727,70 | 1758,82 | 1402,29 | 1540,99 | 1541,93 | 29768,84 |
| planned fixed commercial expenses, thousand rubles including | 466,83 | 39,00 | 39,10 | 39,20 | 39,29 | 39,39 | 39,49 | 39,59 | 39,69 | 39,79 | 39,89 | 39,99 | 40,09 | 474,49 |
| advertising and product promotion | ||||||||||||||
| marketing | ||||||||||||||
| salaries of sales agents | 119,70 | 10,00 | 10,03 | 10,05 | 10,08 | 10,10 | 10,13 | 10,15 | 10,18 | 10,20 | 10,23 | 10,25 | 10,28 | 121,66 |
| travel expenses | 263,34 | 22,00 | 22,06 | 22,11 | 22,17 | 22,22 | 22,28 | 22,33 | 22,39 | 22,44 | 22,50 | 22,56 | 22,61 | 267,66 |
| other fixed costs | 83,79 | 7,00 | 7,02 | 7,04 | 7,05 | 7,07 | 7,09 | 7,11 | 7,12 | 7,14 | 7,16 | 7,18 | 7,19 | 85,16 |
| total planned commercial expenses, thousand rubles | 12386,01 | 1527,80 | 1532,33 | 1535,80 | 1465,93 | 1416,55 | 1351,45 | 1323,13 | 1767,39 | 1798,60 | 1442,18 | 1580,98 | 1582,01 | 18324,15 |
| depreciation thousand rubles | 96,00 | 8,00 | 8,00 | 8,00 | 8,00 | 8,00 | 8,00 | 8,00 | 8,00 | 8,00 | 8,00 | 8,00 | 8,00 | 96,00 |
| total payable for commercial expenses thous. | 12290,01 | 1519,80 | 1524,33 | 1527,80 | 1457,93 | 1408,55 | 1343,45 | 1315,13 | 1759,39 | 1790,60 | 1434,18 | 1572,98 | 1574,01 | 18228,15 |
Production budget planning
The production budget shows how much product the company needs to produce in each planning month for the entire planning period (year), if the predicted sales volume is known, Table 5 shows the balances of annual production at the end and beginning of the planning period.
To calculate the production budget by months and for the entire planned year, table 10 is compiled.
1. Planned sales in natural units are transferred to table 10 from table 5.
2. We calculate the desired stock of finished products at the end of the period, in the amount of 10% of the sales volume of the next month:
Jan. Desired Stock = Feb. Planned Sales* 0.1;
Feb. = ZPmart * 0.1;
ZhZyanv. = 23.75 * 0.1 = 2.38.
3. We calculate the planned stock of products at the beginning of the period, which is determined by the “herringbone” transfer in the opposite direction) from the end of the previous month to the beginning of the next month.
4. We determine the number of units of products by types to be manufactured Kpri.
Kpri \u003d Vpri + Zconi-Values,
where, Vpri - planned sales of the i-type of products, units;
Zkoni - stock i - finished products at the end of each month;
Znachi- stock i- finished products at the beginning of each month.
KpriAyanv \u003d 23.75 + 2.38-2.38 \u003d 23.75 units;
KpriByanv \u003d 6.65 + 0.67- 0.67 \u003d 6.65 units;
KpriVyanv \u003d 18 + 1.81-1.8 \u003d 18.01 units.
To sum up regarding the number of planned sales and the number of units to be manufactured (KPI):
∆Kpi=∑Vi / ∑Kpii;
∆Kpi = 572.85/ 572.24 = 0.99%.
Conclusion: the number of planned sales units. corresponds to the number of units to be manufactured.
Table 10 - Production budget for 2015
If you need to plan the receipt of money in the company's accounts in the next month or for a longer period, you can use a simple formula and data on sales volumes, maturities of receivables, risks of bad debts. However, these calculations have their own nuances. Let's look at examples of how to plan cash flows with maximum accuracy.
The Inmarko company makes a revenue forecast monthly (on the 25th) for four months in advance. For greater accuracy, for the first planning month, the plan is formed separately for each counterparty, based on the terms of the concluded contracts, overdue debt repayment schedules, and actual sales volumes. For the next months, the revenue forecast is less detailed and contains data by region and the company as a whole. Thanks to this approach, the discrepancy between planned and actual figures does not exceed 5 percent.
To plan how much money will come from counterparties in the next month, you will have to take into account several factors at once: future sales volumes (shipments), receivables maturities, and the risk of bad debts.
PDS n \u003d O n-1 + OPV + O n - PZ,
where About n and About n-1– payment by counterparties for products shipped in the planned and previous months, respectively, rubles;
OPP- repayment of a part of overdue receivables existing at the time of drawing up the plan, rub.;
PZ- new overdue "receivables" associated with violation of the terms of payment for products, the date of shipment of which falls on the current and planned months, rub.
Despite the apparent simplicity of the proposed approach, in practice there are many complex issues. For example, how to plan how much money the company will receive next month, if at the time of planning all the data on the results of work in the current period (the amount of receivables, shipments that may take place before the end of the month, etc.) are not yet available? Or what part of overdue receivables will be repaid by counterparties in the near future? In order not to be unfounded, we will illustrate with an example the calculations that allow you to accurately plan the company's incoming cash flows.
Estimation of future receivables
So, in January, the company needs to plan the receipt of money on the accounts for four months - February, March, April and May. At the same time, work on drawing up a plan begins a week before the end of January, for example, on the 25th. Obviously, there is no data on the amount of receivables for January. But it can be assumed based on information about the amounts of shipment and payment for the period from January 1 to January 24. The formula for calculating accounts receivable at the end of the current month (DZ n-1) will look like this:
DZ n-1 \u003d DZ n-2 + OD n-1 - PDS n-1 - RB n-1,
where DZ n-2- all receivables at the end of the previous month, rub. If the planned month is February, and the current month is January, in this case, DZ n-2 is receivables as of December 31 of the last year;
OD n-1– volume of shipments for the current month, rub.;
PDS n-1- receipt of funds in the current month, rub.;
RB n-1– premium (retrobonus) due to buyers for fulfilling a number of conditions in the current month (for example, for a certain volume of purchases), rub. The premium rate and conditions for its provision are determined by the distribution agreement. The premium is calculated from the volume of shipments and reduces accounts receivable at the end of the month. If the company does not provide such bonuses to its counterparties, the value of this indicator will be equal to zero.
Now everything is in order (see Table 1). We take the amount of receivables at the end of December (DZ n-2) from the report "Settlements with counterparties" generated in "1C" for the period from December 1 to December 31, the column "Debt at the end of the period".
The volume of shipments for January (OD n-1) is the actual sales data for the period from January 1 to January 24, plus the sales forecast for the remaining week until the end of the month. There are two ways to predict whether a customer will ship from January 25 to January 31. First, assume that in a month the client will ship exactly as much product as is laid down in the sales plan for January. Hence, the sales forecast for the remaining days is equal to the difference between the shipment plan for January and their fact for the period from January 1 to 24.
Secondly, ask sales managers for the most recent shipping plan agreed with the client. Of course, the second method gives more accurate results. In numbers, it will look like this. For example, for the period from January 1 to January 24, 15,500 kg of products were shipped to customer A (see Table 1) in the amount of 1,530,000 rubles. (sales price - 98.71 rubles / kg (1,530,000 /15,500)). But he is also going to buy another 7,500 kg by the end of the month, which he informed the sales manager about. Hence the forecast of shipments in value terms for the period January 25–31 is 740,325 rubles. (7500 x 98.71). And for the whole of January, customer A will be shipped for 2,270,325 rubles. (1,530,000 + 740,325).
Cash inflow in January (PDS n-1) includes the payment received from the client for the first 24 days of the month and the payment forecast from January 25 to 31.
The forecast can be made in two ways. First, we proceed from the fact that in January the client is supposed to pay for shipments in December, as well as those shipments in January, the delay for which involves payment in the same month. If we summarize all this and subtract from the obtained value the amount of funds actually received from the client from January 1 to January 24, we get a forecast for the receipt of money for the period from January 25 to January 31. Let's make a reservation right away that this approach is applicable only to clients who always pay on time. Of course, this is the ideal situation. Therefore, it would make sense to clarify with the managers who work with a particular client what arrangements there are for payment in the period from January 25 to 31.
In our example, according to preliminary calculations, by the end of January, client A must transfer 4,400,000 rubles to the company, including 1,000,000 rubles. - repayment of overdue debt, 3,000,000 rubles. - for shipments in December, 400,000 rubles. – for shipments in January (see Table 1). This figure could be used when calculating receivables at the end of the month, but as of January 24, client A transferred only 1,500,000 rubles. and according to the commercial service (in the case of OAO Inmarko - a regional manager) I am ready to pay another 2,200,000 rubles by the end of the month. Hence the forecast for the receipt of funds in January - 3,700,000 rubles. (1,500,000 + 2,200,000).
The last thing that remains to be dealt with is retrobonuses. On January 25, the company, of course, does not yet have data on the premium for the client for January. Therefore, there is nothing left but to make the assumption that in January the acquiring company will earn the same percentage of rebates as in December. In our example, for client A, the premium amounted to 5 percent of the amount of the forecast shipment for January (see Table 1), or 113,516 rubles. (5: 100 x 2270325). With client B, the situation is somewhat different. Previously, this counterparty always paid on time, so its premium was 10 percent of the shipment amount. In January, he delayed payments, and therefore the premium is lower - 8 percent (minus 2% for violation of payment discipline), or 291,560 rubles. (8/100 3 644 500). So, the expected receivables (DZ n-1) of client A as of January 31 will be 2,456,809 rubles. (4,000,000 + 2,270,325 - 3,700,000 - 113,516), client B - 4,352,940 rubles.
Table 1 Planning of receivables at the end of January (31.01.13)
| No. p / p | Index | Client A | Client B | Total for the group |
| 1 | Accounts receivable at the beginning of January | |||
| 2 | Current debt due in January, rub. | 3000000 | 5000000 | 8000000 |
| 3 | Overdue debt, rub. (page 4 - page 2) | 1000000 | 0 | 1000000 |
| 4 | Total accounts receivable at the beginning of January, rub*. | 4000000 | 5000000 | 9000000 |
| 5 | Shipment forecast for January | |||
| 6 | Shipped from January 1st to January 24th: | |||
| 7 | in kg | 15500 | 25000 | 40500 |
| 8 | in rubles, Tue h. | 1530000 | 2462500 | 3992500 |
| 9 | – will be paid in January | 400000 | 0 | 400000 |
| 10 | – will be paid in February (p. 8 – p. 9) | 1130000 | 2462500 | 3592500 |
| 11 | Actual cost of 1 kg shipments from January 1 to January 24, rub. (page 8: page 7) | 98,71 | 98,50 | – |
| 12 | Shipment forecast for the period from 25 to 31 January: | |||
| 13 | in kg** | 7500 | 12 000 | 19500 |
| 14 | in rubles (page 13 page 11)*** | 740325 | 1182000 | 1922325 |
| 15 | Total shipment forecast for January, rub. (page 8 + page 14) | 2270325 | 3644500 | 5914825 |
| 16 | Calculation of cash receipts in January | |||
| 17 | Repayment of overdue debts of previous periods, rub. (page 3) | 1000000 | 0 | 1000000 |
| 18 | Payment for shipments in December, rub. (page 2) | 3000000 | 5000000 | 8000000 |
| 19 | Remaining days until the end of the month | 7 | 7 | 7 |
| 20 | Deferred payment for a client, days | 20 | 25 | – |
| 21 | Payment for shipments in January, rub. (if page 20< стр. 19, то стр. 9 + стр. 14, в ином случае стр. 9) | 400000 | 0 | 400000 |
| 22 | Cash flow plan, rub. (sum p.17, 18, 21) | 4400000 | 5000000 | 9400000 |
| 23 | Actual receipt of funds from January 1 to January 24, rub. **** | 1500000 | 3000000 | 4500000 |
| 24 | Payment forecast for the period from January 25 to January 31, rub. ** | 2200000 | 1000000 | 3200000 |
| 25 | Total cash receipts for January, rub. (p. 23 + 24) | 3700000 | 4000000 | 7700000 |
| 26 | Accounts receivable at the end of January | |||
| 27 | December rebate rate*****, % | 5 | 8 | 7 |
| 28 | Client retrobonus in January, rub. (page 27 page 15: 100%) | 113516 | 291560 | 405076 |
| 29 | Current debt due in February, rub. (if page 20< стр. 19, тостр. 10, в ином случае стр. 10 + стр. 14) | 1870325 | 3644500 | 5514825 |
| 30 | Overdue debt, rub. (page 32 - page 29 or page 22 - – page 24 – page 28) |
586484 | 708440 | 1294924 |
| 31 | Share of non-payment for shipments, % (line 30: (line 21 + line 2) 100%) | 17 | 14 | 15 |
| 32 | Total receivables at the end of January, rub. (p. 4 + p. 15 – p. 25 – p. 28) | 2456809 | 4352940 | 6809749 |
* Data taken from the report “Settlements with counterparties”, column “Debt at the end of the period”, generated in the 1C system for December.
** The forecast is made by sales managers based on preliminary agreements with clients.
*** If the client did not purchase products before the 24th, then for the remaining days of the month the forecast of its shipments in monetary terms is calculated based on the planned cost of products for January.
**** Report for January 1-24 in "1C" "Settlements with counterparties", column "Payment by the client".
***** Data from the line "Retrobonuses" of the column "Payment by the client" of the report "1C" "Settlements with clients" for December / data of the column "Shipping to the client" from the same report 100%.
In order to correctly plan the receipt of funds in the future, it is not enough to estimate the amount of expected receivables from customers at the end of the current month. You also need information about how much is the current "receivables" and how much is overdue. The current debt is the shipments of the current month (January), the due date for which will come in the planned month (February). For example, if a customer is entitled to a deferred payment of 20 days, and the current month is 31 days, then all shipments made from the 12th to the 31st are current receivables at the end of the month. Accordingly, overdue "receivables" - the difference between the total and current receivables.
To determine the amount of current debt for each client at the end of January, it makes sense to divide shipments for the period from January 1 to January 24 into two groups, with payment in January and February. By analogy, we structure the projected shipments in the period from January 25 to January 31. Moreover, for customers with a delay of less than seven days, exact dates for the delivery of products will be required. For example, according to the invoices issued for the period from January 1 to January 24, customer A was supplied with products in the amount of 1,530,000 rubles. Of these, 1,130,000 rubles. he must pay in February. For the remaining week of January, the same client plans to purchase more products in the amount of 740,325 rubles. Since customer A is using a 20-day payment deferral, this money will arrive in February. Accordingly, the current accounts receivable for the client as of January 31 will be 1,870,325 rubles. (1,130,000 + 740,325), overdue - 586,484 rubles. By the way, it will not be superfluous to immediately agree with customers on the repayment schedule for overdue debts (see Table 2). This data will help the company manage its money better, and besides, it will be needed for further calculations.
Monthly cash flow plan
After all calculations on receivables are made, it is known:
- how much the customer has to pay in the first planning month for shipments of the previous month. In our example, this is the current debt as of January 31;
- what amount will be paid on account of the overdue debt - data from the repayment schedule (see Table 2).
Table 2 Repayment schedule for overdue receivables, rub.
| No. p / p | Month | Client A | Client B | Total for the group |
| 1 | January (actual + forecast) | 0 | 0 | 0 |
| 2 | February | 400 000 | 708 440 | 1 108 440 |
| 3 | March | 186 484 | 0 | 186 484 |
| 4 | April | 0 | 0 | 0 |
| 5 | Total | 586 484 | 708 440 | 1 294 924 |
Now, in order to determine the full amount of receipts for the client in the future, it remains to make a forecast of payments for future deliveries, as well as plan for the emergence of a new overdue "receivable". Calculations are made first for each client individually, and only then for groups of clients (if such information is needed) or for the company as a whole (see Table 3).
Proceeds from next month's sales. At the time of drawing up the cash flow plan, the sales department will most likely already have forecasts for shipments in physical terms for the next month. If not, then the amount of shipments per month can be taken from the sales plan for the year. After that, it will be necessary to figure out how much of the planned sales will be paid in the same month when the delivery occurs.
For customer A, these are shipments in the first eight days of February (28 days [number of days in February] - 20 days [deferred payment set for buyer A]), for customer B, three days (28 days - 25 days). ). The sales manager can easily predict deliveries for these days, based on the sales plan and the preliminary shipment schedule. Accordingly, if we divide the sales forecast in the first days of the month by the total volume of planned deliveries for the month, we get the share of shipments that will be paid for in the same month.
For example, customer A has a February sales plan of 17,000 kg and is expected to receive 5,000 kg in the first eight days of the month. Hence, the share of shipments that will be paid in February will be 29 percent (5,000: 17,000), or 493,000 rubles. (1,700,000 x 29:100) (see Table 3 on page 24). Customer B plans do not ship between February 1st and 8th.
The weighted average percentage of funds received as payment for supplies of the same month for a group of counterparties is determined as follows: ((shipments of customers A and B from February 1 to 8) / (shipments of customers A and B for February)). In our example, it is 12 percent ((493,000 + 0) : (1,700,000 + 2,462,500)).
New overdue accounts receivable. Customers will repay overdue debt as of January 31 according to the schedule (see Table 2). But there is no guarantee that other overdue debts will not appear in the future, which means that the company will not receive part of the money. New overdue "receivables" can be predicted based on data on the payment discipline of customers for previous months.
For example, customer A is systematically delaying payment. Most likely, in February, he will not change his habits, that is, he will not pay 17 percent of the amount due (the same percentage as in January), or 401,765 rubles. (17: 100 x (1,870,325 + 493,000)) (see Table 3). As for client B, he explains the failure to meet the payment deadlines in January as force majeure and promises to pay off his debts in full in February. Previously, this counterparty paid on time. This is evidenced by the absence of overdue "receivables" on it as of January 1. Therefore, it makes sense to assume that client B will fulfill its obligations on overdue debts, as well as pay on time for the products that it will purchase in February.
Now all the necessary information for the calculation is there. The forecast for cash receipts in February from customers is as follows (also see Table 3):
- from client A - 2,361,560 rubles. (1,870,325 [payment for January shipments] + 400,000 [payment of past due debts] + 493,000 [payment for February shipments] - 401,765 [past dues incurred in February]);
- from client B - 4,352,940 rubles. (3 644 500 + 708 440 + 0 - 0).
Plan your cash flow for four months
In order to plan how much money will be received not only next month, but also, for example, for the next three months, you will have to repeat all the operations that were described in detail above. The only difference is that the forecast is built in an enlarged form, without breakdown by client. Accordingly, the February data will serve as the starting point for the March revenue plan, based on the forecast for March - revenues in April will be predicted, etc.
But in our example, for February, not all the numbers that will be needed to make a forecast for March have been calculated. Namely, the receivables at the end of February were not calculated. As of January 31, customer A's receivables amounted to RUB 2,456,809. (see Table 3). In February, it is planned to ship products to him for another 1,700,000 rubles, and in the same month, 2,361,560 rubles will be received from client A. His premium (retrobonus) will be 85,000 rubles. (5%, as in December). Hence the accounts receivable for client A as of the last day of February - 1,710,249 rubles. (2 456 809 + 1 700 000 - 2 361 560 - 85 000). Including current accounts receivable as of the same date - 1,207,000 rubles. (payment in March for shipments in February = amount for shipments in February - payment in February for shipments in February). Similarly, the accounts receivable of client B are calculated for the group of clients as a whole.
And one more nuance that should be taken into account when planning the receipt of money for a more distant future than the next month. There is a problem associated with estimating the proportion of deliveries that will be paid for in the same month in which they took place.
If, when making a plan for February, the necessary information could be taken from the preliminary schedule of shipments, then for March, April and May there will most likely be no such data. Therefore, you can use the statistics of last year. The same applies to the percentage of new overdue receivables.
Table 3 February cash flow plan
| No. p / p | Index | Client A | Client B | By group clients****** |
| 1 | Accounts receivable at the beginning of February | |||
| 2 | Current debt due in February, rub. (Table 1, p. 29) | 1 870 325 | 3 644 500 | 5 514 825 |
| 3 | Overdue debt, rub. (Table 1, p. 30) | 586 484 | 708 440 | 1 294 924 |
| 4 | Total receivables at the beginning of February, rub. (Table 1, p. 32) | 2 456 809 | 4 352 940 | 6 809 749 |
| 5 | Calculation of cash receipts in February | |||
| 6 | Payment for shipments of the last month, rub. (page 2). | 1 870 323 | 3 644 500 | 5 514 825 |
| 7 | Repayment of overdue debts for past periods*, rub. (Table 2, p. 2) | 400 000 | 708 440 | 1 108 440 |
| 8 | Shipment forecast for February**, rub. | 1 700 000 | 2 462 500 | 4 162 500 |
| 9 | Percentage of February shipments that will be paid for this same month, % *** |
29 | 0 | 12 |
| 10 | Payment for shipments in February, rub. (page 9: 100 page 8) | 493 000 | 0 | 493 000 |
| 11 | Probable share of non-payment****, % | 17 | 0 | 7 |
| 12 | Arrears arising in February on shipments in January and February, rub. (p. 11: 100 (p. 6 + p. 10)) | 401 765 | 0 | 401 765 |
| 13 | Rebate rate*****, % | 5 | 10 | 8 |
| 14 | Retrobonus for February, rub. (page 13: 100 page 8) | 85 000 | 246 250 | 331 250 |
| 15 | Total cash inflow in February, rub. (page 6 + page 7 + page 10 + page 10 – page 12) | 2 361 560 | 4 352 940 | 6 714 500 |
| 16 | Accounts receivable at the end of February | |||
| 17 | Current debt due in March, rub. (page 8 – page 10) |
1 207 000 | 2 462 500 | 3 669 500 |
| 18 | Overdue debt, rub. (page 19 – page 17) | 503 249 | -246 250 | 256 999 |
| 19 | Total accounts receivable as of the end of February, rub. (page 4 + page 8 - page 15 - page 14) |
1 710 249 | 2 216 250 | 3 926 499 |
* Under the overdue debt for the past periods is meant the debt on the last day of the preplanned month (in our case - 31.01.09). The schedule of its repayment is presented in table 2.
** Sales forecast in physical terms, target selling price.
*** Share of shipments that will be paid in the same month = shipment forecast for the first days of February, payment for which, taking into account the delay, will have to be paid in the same month: shipment plan for February, kg
**** The client is in a systematic delay in payment, so it is assumed that in February the share of overdue debts in the total amount of receivables will be the same as in January - 17 percent. The client has always paid on time in the past (the delay in January is the result of force majeure), so it is assumed that in February the money will be received from him on time.
***** As of December.
****** Aggregated data for a group of clients (sum by monetary indicators, average by relative ones).
You can download automated calculations from the link at the end of the article.
Cash flow information enables users to assess an organization's ability to generate cash and assess its cash requirements. Requirements for the presentation of information on cash flows and disclosure of related information are established by IFRS (MS) 7 Statement of Cash Flows.
Must represent for the period, classifying them by operating, investing and financing activities.
The classification of flows by category of activity provides information that allows users to assess the impact of each activity on the entity's financial position and on the amount of cash (and cash equivalents). This information can also be used to analyze the relationship between the specified categories of activity.
The same transaction can give rise to cash flows that are classified differently.
Operating activities
The amount of cash generated from operating activities is a critical indicator of whether a given category of activity generates enough cash to repay loans, maintain a company's productive capacity, pay dividends (and make new investments) without raising external funding sources.
When forecasting cash flows from operating activities, information about their individual components in conjunction with other information is valuable.
Cash flows from operating activities are generated mainly in the course of core activities that generate the company's revenue. Thus, they are usually the result of transactions that affect the formation of net income.
Examples of cash flows from operating activities include:
- proceeds from the sale of goods and the provision of services;
- receipts of rent payments for the granting of rights, remuneration, commissions and other types of proceeds;
- payments to suppliers of goods (and services);
- payments to employees (and on their behalf);
- receipts and payments of insurance companies on insurance premiums, claims, on rental and other types of insurance policies;
- payment (or refund) of income taxes, except for those related to financial or investment activities;
- receipts (and payments) under contracts for the performance of commercial (or exchange) operations.
Some transactions, such as the sale of a production facility, may result in a financial result that is included in net income. However, the related cash flow relates to investing activities.
Companies that specialize in dealing in securities will report them as inventory purchased with a view to resale. Cash flows arising from the sale and purchase of securities are classified as operating activities. As for other companies, for them it will be either an investment activity or cash equivalents.
Advances of cash and loans from financial institutions are generally classified as operating activities, as they are part of the company's core revenue-generating activities.
Investment activities
Separate disclosures of cash flows from investing activities reflect the extent to which resources are spent to generate future income and cash flows.
Examples of cash flows from investing activities include:
- payments for the acquisition of fixed assets, intangible assets and other non-current assets. These include payments related to the capitalization of costs for the development and construction of fixed assets in an economic way;
- proceeds from the sale of fixed assets, intangible assets and other non-current assets;
- payments for the acquisition of shares or debt instruments of other companies, as well as shares in joint ventures (with the exception of such instruments that act as cash equivalents or instruments for making commercial (or exchange) transactions);
- proceeds from the sale of shares (or debt instruments) of other companies, as well as shares in joint ventures (with the exception of such instruments that act as cash equivalents or instruments for making commercial (or exchange) transactions);
- advancing (or lending) to other parties (with the exception of similar transactions carried out by financial institutions);
- receipts for the repayment of advanced amounts or loans provided to other parties (with the exception of similar operations carried out by financial institutions);
- payments under futures, forwards, options contracts and swaps (except for contracts entered into for the purpose of making commercial or exchange transactions, or payments related to financial activities).
Financial activities
Separate disclosure of information on cash flows from financial activities is necessary to forecast cash requirements from those who provide the company with a captain.
Examples of cash flows from financing activities include:
- proceeds from the issuance of shares or the issuance of other equity instruments;
- payments to owners upon redemption or redemption of company shares;
- proceeds from the issue of bonds, bills, mortgages, loans, as well as from other short-term or long-term debt instruments;
- loan repayments;
- payments by the lessee to settle a finance lease obligation.
An entity must prepare a cash flow statement for presenting cash flows from operating activities using:
- direct method according to which information on the main classes of gross receipts and gross payments is disclosed; or
- indirect method according to which net income is adjusted for the effect of non-cash transactions, deferred (or accrued) amounts of past (or future) cash flows from operating activities, as well as items of income (or expense) associated with cash flows from investing or financing activities.
Methods for compiling a statement of cash flows for operating activities are reflected in table. one.
Companies are encouraged to present cash flows from operating activities on the basis of the direct method in the cash flow statement, as this method provides information that the indirect method does not provide.
Table 1. Cash flow statement preparation methods
|
direct method |
indirect method |
|
Information is disclosed on the main types of gross receipts and payments that can be received:
|
Profit (loss) for the reporting period is adjusted taking into account:
|
In accordance with the direct method, information on the main classes of gross receipts and gross payments can be obtained:
- from accounting registers;
- by adjusting the indicators of revenue, cost of sales (for financial institutions - interest and similar types of income, interest expenses and similar types of expenses), as well as other items in the statement of comprehensive income, taking into account:
- changes in indicators of inventories, receivables and payables for operating activities;
- other non-monetary items;
- other items, the movement of which is associated with investment or financial activities.
Alternatively, net cash flow from operating activities can be presented using the indirect method, by showing revenue and expenses in the statement of comprehensive income, as well as changes during the reporting period in inventory balances, receivables and payables from operating activities.
An entity must present gross cash receipts and payments separately for investing and financing activities, except for net cash flows.
The following cash flows from operating, investing or financing activities may be presented on a net basis:
- receipts and payments on behalf of customers, when the cash flow reflects the activities of the customer rather than the company itself. Examples of such receipts and payments are:
- acceptance (and payment) of a bank deposit on demand;
- funds intended by the investment company for clients;
- rent collected on behalf of (and paid) to the owners of the property;
- receipts and payments on items characterized by high turnover, large amounts and short maturities. Examples of such receipts and payments are advance payments (and repayments) for:
- the principal amount of the debt in settlements with customers who have credit cards;
- purchase and sale of investments;
- other short-term loans, for example, those with a repayment period of less than 3 months.
Cash flows arising from each of the following activities of a financial institution may be presented on a net basis:
- receipts and payments associated with the acceptance (and payments) of deposits with a fixed maturity;
- placement (and closing) of deposits in other financial institutions;
- advance payments and loans to customers (and the repayment of such advance payments and loans).
Indicators of the statement of cash flows of the organization
Cash- the most liquid category of assets, which provides the organization with the greatest degree of liquidity. In the process of carrying out all types of financial and business transactions, the organization generates cash flows in the form of their receipt or expenditure.
The cash flow statement discloses data on cash flows in the reporting period, characterizing the availability, receipt and expenditure of funds in the organization.
The information provided in the form allows internal and external users to evaluate how the company creates and uses cash, whether there is enough cash to pay off current liabilities and pay dividends, determine if the company needs additional financing, etc.
The cash flow statement also supplements information on the organization's ability to raise and use cash.
Cash flow statement characterizes changes in the financial position of the organization in the context of current, investment and financial activities.
The formation of this reporting form is regulated by PBU 23/2011 “Cash flow statement” (Order of the Ministry of Finance dated February 2, 2011 No. II n).
The main source of funds should be current activities. Current activities the activity of the organization is considered to be pursuing profit-making as the main goal or not having profit-making as such a goal in accordance with the objects and goals of the activity, i.e. activities that, in accordance with PBU 9/99 “Income of the organization”, are ordinary (Fig. 5.1).
Rice. 5.1. Channels of receipts and payments for current activities
Investment activities the activity of the organization is considered. associated with the acquisition of land, buildings and other real estate, equipment, intangible assets and other non-current assets, as well as their sale; with the implementation of own construction, expenses for research, development and technological development; with the implementation of financial investments (acquisition of securities of other organizations, including debt, contributions to the authorized (share) capital of other organizations, provision of loans to other organizations, etc.) (Fig. 5.2).
Financial activities- this is the activity of the organization, as a result of which the size and composition of the organization's own capital, borrowed funds (receipts from the issue of shares, bonds, the provision of loans by other organizations, the repayment of borrowed funds, etc.) change.
Rice. 5.2. Channels of receipts and payments for investment and financial activities
There are two methods of presenting cash flows from current (operating) activities: direct and indirect.
direct method is based on determining the inflow (revenue from the sale of products, works, services, advances received, etc.) and outflow (payment of supplier invoices, return of short-term loans and borrowings, etc.) of funds. The initial element of the calculation is the proceeds from the sale of products.
The direct method for determining cash flows is based on information about all transactions made in the reporting period on accounts with banks and with cash, grouped in a certain way. The direct method is approved for use by Russian organizations.
indirect method common in foreign practice, where, when compiling a cash flow statement, operating, investment and financial activities are singled out.
Operating activities are the cash flows associated with the main activities of the organization, bringing it the main profit.
The indirect method of presenting cash flows from operating activities includes an element of analysis, as it is based on a comparison of changes in various balance sheet items for the reporting period, characterizing the property and financial position of the organization, and also includes an analysis of the movement of fixed assets, their depreciation and other indicators. As a result of applying the indirect method, the final financial result (net profit for the reporting period) is converted into the difference between the amount of cash available to the organization at the beginning and end of the reporting year.
When drawing up the calculation, it is assumed that transactions are reflected in accounting at the time of transfer of ownership, regardless of payment. In this regard, the revenue reflected in the income statement is not always equivalent to cash receipts, respectively, and the expenses indicated in the income statement are not equal to the expenses paid. As a result, the net profit indicator on the income statement does not reflect the actual availability of funds available to the organization at the reporting date.
Therefore, when compiling a cash flow statement, the net profit indicator is adjusted in the following order:
1. Depreciation of property is added to net profit, since depreciation is an expense that generates net profit, but does not lead to an outflow of funds.
2. An adjustment is made for the amount of change in the balance of inventories at the beginning and end of the reporting year. If inventory balances have increased, then the difference in balances is deducted from net income, as an increase in inventory leads to a cash outflow. In the event of a decrease in stocks, the difference is added.
3. An adjustment is made for the amount of changes in receivables. If accounts receivable decreased at the end of the year, then the difference is added to net profit, otherwise it is subtracted from it.
4. An adjustment is made for the amount of accounts payable. At the same time, an increase in accounts payable leads to an inflow of cash, so the difference in accounts payable is added to net profit, otherwise the difference is subtracted.
As a result of these adjustments, the net cash flow from operating activities is calculated.
The cash flow from investing and financing activities is determined by the direct method. The difference between the inflow (inflow) and outflow (outflow) of cash is the net cash flow, which is determined for each type of activity. The total net flow for all types of activities is the increase in cash for the reporting period, defined as the difference in cash balances at the beginning and end of the reporting period.
In foreign practice, financial statements disclose information not only about the organization's cash, but also about their equivalents. Under cash equivalents refers to short-term, highly liquid investments that are readily convertible to cash and are subject to an insignificant risk of changes in value.
For the purposes of compiling the statement of cash flows in Russia under cash means directly money in cash and in non-cash form, located in the cash desk of the organization, on its settlement, currency and special accounts.
The cash flow statement presents data that directly follows from the entries in the cash accounting accounts: 50 "Cashier" (with the exception of the balance on subaccount 50-3 "Cash documents"), 51 "Settlement accounts", 52 "Currency accounts" , 55 "Special accounts in banks" (except for the balance of sub-account 55-3 "Deposit accounts"), 57 "Transfers in transit".
Information about the cash flow of the organization on these accounts is reflected on an accrual basis from the beginning of the year and is presented in the currency of the Russian Federation.
In the event of the presence (movement) of cash in foreign currency, information is initially generated on the movement of foreign currency for each of its types in relation to the statement of cash flows adopted by the organization. After that, the data of each calculation, drawn up in foreign currency, are recalculated at the rate of the Central Bank of the Russian Federation on the date of preparation of financial statements. The data obtained for individual calculations are summarized when filling in the relevant indicators of the cash flow statement.
Cash flow from current activities
The section “Cash flow from current activities” reflects:
Discloses information about amounts received from:
- sales of products, goods, works and services, including advances;
- rent and license payments, fees, commission payments, etc.;
- other income.
To fill in this line, debit turnovers on accounts 50 “Cashier”, 51 “Settlement accounts”, 52 “Currency accounts” are used in correspondence with accounts 62 “Settlements with buyers and customers” and 76 “Settlements with various debtors and creditors” (including VAT , excises paid by buyers).
On the line "Other income" show the amounts of funds received that are related to the current activities of the organization and are not indicated in the previous line:
budget and target financing and receipts:
- Debit of accounts 50 "Cashier", 51 "Settlement accounts", 52 "Currency accounts" Credit of account 86 "Target financing":
gratuitous receipts:
- Debit of accounts 50 “Cashier”, 51 “Settlement accounts”, 52 “Currency accounts” Credit of account 98 “Deferred income” (91 “Other income and expenses”):
refunds from suppliers:
- Debit of accounts 50 "Cashier", 51 "Settlement accounts", 52 "Currency accounts" Credit of account 60 "Settlements with suppliers and contractors";
receipts for the satisfaction of claims, the amount of insurance compensation, etc.:
- Debit of accounts 50 “Cashier”, 51 “Settlement accounts”, 52 “Currency accounts” Credit of account 76 “Settlements with different debtors and creditors”;
return of unused accountable amounts:
- Debit of account 50 "Cashier" Credit of account 71 "Settlements with accountable persons";
receipts in compensation for material damage, etc.:
- Debit of accounts 50 “Cashier”, 51 “Settlement accounts” Credit of account 73 “Settlements with personnel for other operations”.
1. to pay for goods, works, services:
- Debit of accounts 60 “Settlements with suppliers and contractors”, 76 “Settlements with various debtors and creditors” Credit of accounts “Cashier”, 51 “Settlement accounts”, 52 “Currency accounts”, 55 “Special bank accounts” (including prepayment);
2. for wages:
- Debit of account 70 “Settlements with personnel for wages” Credit of accounts 50 “Cashier”, 51 “Settlement accounts”;
3. for the payment of interest on debt obligations:
a) dividends paid to founders;
- Debit of accounts 75 "Settlements with the founders", 70 "Settlements with personnel for wages" Credit of accounts 50 "Cashier", 51 "Settlement accounts", 52 "Currency accounts".
The amounts of the principal debt on loans and credits that the organization repaid in the reporting year are not shown in this line. They are indicated in the section "Cash flows from financing activities":
- Debit of accounts 66 “Settlements on short-term loans and borrowings”, 67 “Settlements on long-term loans and borrowings” Credit of accounts 50 “Cashier”, 51 “Settlement accounts”, 52 “Currency accounts”;
4. for calculations on taxes and fees:
- Debit of accounts 68 "Calculations for taxes and fees", 69 "Calculations for social insurance and security" Credit of accounts 50 "Cashier", "Settlement accounts" (including the amount of the listed penalties).
For paid contributions for compulsory pension insurance and insurance against accidents at work and occupational diseases, you can enter an additional line:
- Debit of accounts 69 “Settlements for social insurance and security” Credit of account 51 “Settlement accounts”;
5. for other payments, transfers:
a) fines, penalties, forfeits paid by the organization for violation of the terms of business contracts:
- Debit of account 76 “Settlements with various debtors and creditors” Credit of account 51 “Settlement accounts”;
b) funds issued to accountable persons:
- Debit of account 71 “Settlements with accountable persons” Credit of account 50 “Cashier”;
c) loans issued to employees:
- Debit of account 73 “Settlements with personnel for other operations” Credit of account 50 “Cashier”, etc.
If there are significant turnovers under the items “Other income” and “For other expenses”, a breakdown should be provided in additional lines of the report.
Results of cash flows from current activities
On the line "Results of cash flow from current activities" reflects the difference between the inflow and outflow of funds for current activities. This difference can be positive or negative. In the second case, the indicator "Results of the movement of funds from current activities" is reflected in parentheses.
The section “Cash flow from investment activities” reflects:
Indicator "Cash received - total" is formed as a sum of numerical data for the following items:
1. "From the sale of fixed assets and other property." This line reflects funds received from the sale of equipment, leased items, intangible assets, construction in progress, etc. To fill in the line, use the corresponding debit turnovers of cash accounts in correspondence with accounts 62 “Settlements with buyers and customers” and 76 “Settlements with various debtors and creditors”. The following VAT amounts are not deductible:
2. "Dividends, interest on financial investments" - amounts received from participation in the capital of other organizations (dividends):
- Debit of accounts 50 "Cashier", 51 "Settlement accounts", 52 "Currency accounts" Credit of accounts 91 "Other income and expenses", 16 "Settlements with various debtors and creditors".
Interest on securities (except for shares), loans, interest that the bank charges on the balance of funds:
- Debit of accounts 50 "Cashier", 51 "Settlement accounts", 52 "Currency accounts" Credit of accounts 91 "Other income and expenses", 76 "Settlements with various debtors and creditors";
3. "Other supply". This line reflects income from:
a) sales of equity and debt securities acquired for a period of more than 12 months (shares, bonds, bills) and other financial investments that are recorded in the debit of accounts 50 "Cashier", 51 "Settlement accounts", 52 "Currency accounts" in correspondence with accounts 58 “Financial investments”, 62 “Settlements with buyers and customers” and 76 “Settlements with various debtors and creditors”;
b) repayment of loans provided to other organizations:
- Debit of accounts 50 "Cashier", 51 "Settlement accounts", 52 "Currency accounts" Credit of account 58 "Financial investments".
The line "Sent funds - total" is formed as a sum of numerical data for the following items:
1. "For the acquisition of fixed assets (including profitable investments in tangible assets) and intangible assets)". This line shows the amounts paid to suppliers and contractors for the acquired or created items of non-current assets:
- Debit of accounts 60 "Settlements with suppliers and contractors", 76 "Settlements with various debtors and creditors" Credit of accounts 50 "Cashier", 51 "Settlement accounts", 52 "Currency accounts", 55 "Special bank accounts" (including prepayment) ;
2. "For financial investments" - this line deciphers the amounts transferred to sellers of securities and other organizations and persons in connection with their acquisition:
- Debit of accounts 60 "Settlements with suppliers and contractors", 76 "Settlements with various debtors and creditors" Credit of accounts 50 "Cashier", 51 "Settlement accounts", 52 "Currency accounts", 55 "Special accounts in banks";
3. For other payments, transfers. This line may include amounts transferred to borrowers in accordance with the loan agreement:
- Debit of account 58 "Financial investments" Credit of accounts 50 "Cashier", 51 "Settlement accounts".
On the line “Result of cash flows from investing activities” reflects the difference between the inflow and outflow of funds for investment activities. This difference can be positive and negative. In the second case, the indicator “Result of cash flow from investing activities” is reflected in parentheses.
Cash flow from financing activities
The section “Cash flow from financial activities” reflects:
Indicator "Cash received - total" is formed as a sum of numerical data for the following items:
1. "Credits and loans" - amounts received from creditors under agreements (loan, credit) excluding accrued interest. Interest amounts are reflected as part of transactions for current or investment activities, depending on the purpose of attracting borrowed sources:
- Debit of accounts 51 “Settlement accounts”, 52 “Currency accounts” Credit of accounts 66 “Settlements on short-term credits and loans”, 67 “Settlements on long-term credits and loans”;
2. "Budget appropriations and other targeted financing"- the amounts of budgetary and target financing are indicated;
3. "Contributions of participants" - amounts received from shareholders (founders) as a result of placement of own equity securities:
- Debit of accounts 50 “Cashier”, 51 “Settlement accounts”, 52 “Currency accounts” Credit of account 75 “Settlements with founders” (81 “Own shares (shares)”);
4. "Other receipts" - the amounts of receipts from financial activities that were not reflected in the listed lines.
Indicator "Sent funds - total" is formed as a sum of numerical data for the following items:
1. "To repay loans and borrowings" - funds transferred to repay the principal debt on borrowed funds (excluding interest):
- Debit of accounts 66 “Settlements on short-term loans and borrowings”, 67 “Settlements on long-term loans and borrowings” Credit of accounts 51 “Settlement accounts”, 52 “Currency accounts”;
2. "For the payment of dividends" - this line shows the amounts of dividends paid to the company's participants:
3. "For other payments, transfers" - this line may show the amounts of lease payments transferred to the lessor:
- Debit of account 76 "Settlements with various debtors and creditors" Credit of accounts 51 "Settlement accounts", 52 "Currency accounts", 55 "Special accounts in banks".
On the line “Result of cash flows from financing activities” reflects the difference between the inflow and outflow of funds from financial activities. This difference can be positive and negative. In the second case, the indicator “The result of cash flows from financing activities” is reflected in parentheses.
Indicator “Result of cash flow for the reporting period” is the algebraic sum of indicators of the results of cash flows for the reporting period for all types of activities. He may also have positive or negative meaning.
The cash flow statement shows the total cash balance for all activities at the beginning of the reporting period ( line "Cash balance at the beginning of the reporting year").
Cash balance at the end of the reporting period is calculated by adjusting (increasing or decreasing) the cash balance at the beginning of the reporting period by the value of the cash flow result for the reporting period.
Information on cash flows is provided in the statements for at least two years (reporting and previous).
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