Table 1.2

Dynamics of monetary receipts and receivables (one thousand rub.)

Indicators	July, August, September
Receivables (for the beginning of the period)	15,017,920,2
Sales proceeds	35,037,042,0
Including realization on credit	28,029,633,6
Receipt of money	32,134,737,5
Including. 20% of realization of the current month in cash	7,07,48,4
70% of realization on credit last month	17,919,620,7
30% of realization on credit month before last	7,27,78,4
Receivables (for the end of the period)	17,920,224,7

DEFINITION OF THE OPTIMUM LEVEL OF MONEY

Funds of the enterprise include money in cash desk and on the settlement account in commercial banks. There is a question: why these cash remain free, but aren't used, for example, for purchase of the securities which are bringing in the income in a type of percent? The answer is that money is more liquid, than securities. In particular, it is impossible to pay off with the bond in shop, a taxi, etc.

Different types of the current assets possess various liquidity as which understand the time period necessary for converting of this asset in money, and expenses on ensuring this converting. Only absolute liquidity is inherent in money. In time to pay bills of suppliers, the enterprise has to possess a certain level of absolute liquidity. Its maintenance is connected with some expenses which exact calculation in principle is impossible. Therefore it is accepted as the price to take the possible income from investment of the average rest of money into the state securities for maintenance of necessary level of liquidity. The basis for such decision is the prerequisite that the state securities without - risky, it is possible to neglect degree of the related risk more precisely. Thus, money and similar securities belong to the class of assets with identical degree of risk, therefore, the income (costs) for them is comparable.

However the above doesn't mean that the stock of money has no top limit. The matter is that the price of liquidity increases as the stock of cash increases. If the share of money in assets of the enterprise low, their small additional inflow can be extremely useful, in the return case on the contrary. The financial manager is faced by a task to determine the size of a stock of money proceeding from that the price of liquidity didn't exceed marginal interest income on the state securities.

From a position of the theory of investment money represents one of special cases of investment into inventory items. Therefore the general requirements are applicable to them. First, the basic stock of money is necessary for performance of the current calculations. Secondly, certain money is necessary for a covering of contingencies. Thirdly, it is expedient to have a certain size of free money for ensuring the possible or predicted activity expansion.

Thus, the models developed in the theory of stockpile management and allowing to optimize the size of money can be applied to money. It is about estimating: a) total amount of money and their equivalents; b) what their share should be held on the settlement account, and what in the form of the fast-realized securities; c) when and in what volume to carry out mutual transformation of money and the fast-realized assets.

In the western practice the greatest distribution was gained by Baumol's model and Miller's model - Orr. The first was developed by V. Baumol in 1952. the second - M. Miller and D. Orr in 1966. Direct application of these models in domestic practice is still complicated in view of strong inflation, abnormal discount rates, backwardness of securities market and so-called therefore we will provide only the short theoretical description of these models and their application on conditional examples.

CHAPTER III. IMPROVEMENT OF MANAGEMENT OF IN CASH OF THE ENTERPRISES

Improvement of management of in cash of the enterprises consists in the correct analysis of monetary receipts and definition of their type. From that it is how right the assessment of a cash flow is made success of the financial decision depends. One of basic elements of such financial analysis is the assessment of a cash flow of C1, C2..., Cn generated during a number of the temporary periods as a result of implementation of any project or functioning of this or that type of assets.

C1 stream elements, can be either independent, or connected among themselves by a certain algorithm. The temporary periods to a bowl of all are assumed by the equal. Besides, for simplicity of a statement of material it is supposed that elements of a cash flow are unidirectional, i.e. there is no alternation of outflows I inflows of money. Also it is considered that the receipts generated within one temporary period take place or at its beginning, or in its end, i.e. they aren't distributed in the period, and concentrated on one of its borders. In the first case the stream is called as a stream prenumerando, or advance, in the second - a stream postnumerando.(pic. 1.1)