FLUJO DE EFECTIVO DEFINICION El fujo de eectivo, también llamado fujo de caja, o cash fow en inglés, es la variación de entrada y salida de eectivo en un periodo determinado. En otras palabras se puede decir que el fujo de caja es la acumulación de activos líquidos en un tiempo determinado. or tanto, sirve como un indicador de la liquide! de la empresa, es decir de su capacidad de generar eectivo. "eg#n el lan $eneral %ontable, el fujo de caja se anali!a mediante el llamado Estado del &lujo de %aja. rovee inormación sobre los ingresos y salidas de eectivo en un cierto espacio de tiempo. %onocer el fujo de caja de una empresa ayuda a los inversionistas, administradores y acreedores entre otros a' • • • •
Evaluar la capacidad de la empresa de generar fujos de eectivo positivos. Evaluar la capacidad de la empresa de cumplir con obligaciones adquiridas. &acilitar la determinación de necesidades de (nanciación. (n anciación. &acilitar la gestión interna del control presupuestario del eectivo de la empresa.
Flujo Flujo de efecti efectivo vo de las actividades
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Flujo de efectivo de las actividades de inversión "e re(ere a los pagos cuyo origen es la adquisición de activos no corrientes, otros activos no incluidos en el eectivo y otros activos líquidos equivalentes. Es decir, decir, aquello aquellos s como como los inmovil inmovili!a i!ados dos intangib intangibles, les, materia materiales, les, inversio inversiones nes inmobili inmobiliaria arias s o inver inversi sion ones es (nanc (nancie ieras ras.. %ompr %ompren ende de adem adem+s +s los los cobr cobros os proc proced edent entes es de su amor amorti ti!a !aci ción ón al vencimiento.
Flujos de efectivo procedentes de las actividades de eplotación Estos son los fujos ocasionados por las actividades que constituyen la principal uente de ingresos de la empresa. )ambién aquellos originados por otras actividades que no puedan ser cali(cadas como inversión o (nanciación.
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g 0a determinac determinación ión de la capacidad capacidad que tiene una compa1ía compa1ía para para pagar intereses intereses y dividendos dividendos y para pagar sus deudas cuando éstas vencen. h 2denti(car 2denti(car los cambios cambios en en la me!cla me!cla de activos activos product productivos. ivos.
0a (nalidad del Estado de fujos de Eectivo es presentar en orma comprensible inormación sobre el manejo de eectivo, es decir, su obtención y utili!ación por parte de la entidad durante un período determinado y, como consecuencia, mostrar una síntesis de los cambios ocurridos en la situación (nanciera para que los usuarios de los estados (nancieros puedan conocer y evaluar la liquide! o solvencia de la entidad. El Estado de &lujos de Eectivo se dise1a con el propósito de eplicar los movimientos de eectivo proveniente de la operación normal del negocio, tales como la venta de activos no circulantes, obtenc obtención ión de prést préstamo amos s y aporta aportació ción n de los accion accionista istas s y aquella aquellas s transac transaccio ciones nes que incluya incluyan n disposiciones de eectivo tales como compra de activos no circulantes y pago de pasivos y de dividendos.
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empresa dinero ocioso, que nunca se pague de m+s y que nunca se tengan castigos o se paguen comisiones por alta de pago. Esta +rea debe controlar o infuir en todas las ormas del dinero de la empresa, ya sea en las cuentas por cobrar, como en las inversiones y cuentas por pagar, adem+s debe procurar la mayor visión hacia el uturo de por cobrar y pagar, de manera que pueda vislumbrar la posibilidad de problemas de liquide! o de tendencias de posibles pérdidas, por reducción del margen de utilidad. 0a administración administración del eectivo eectivo es de principal importancia en cualquier negocio, porque es el medio para obtener mercancías y servicios. "e requiere una cuidadosa contabili!ación de las operaciones con eectivo debido a que este rubro puede ser r+pidamente invertido. 0a administración del eectivo generalmente se centra alrededor de dos +reas' el presupuesto de eectivo y el control interno de contabilidad. El control de contabilidad es necesario para dar una base a la unción de planeación y adem+s con el (n de asegu segura rars rse e que que el eec ectivo ivo se util utili! i!a a para para pro propósi pósito tos s prop propio ios s de la empr empres esa a y no desperdiciados, mal invertidos o hurtados.
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,$INCI,IO"
DE L# #D-INI"T$#CI.N DEL EFECTIVO
Eisten cuatro principios b+sicos de la administración del eectivo cuya aplicación pr+ctica conduce a la administración correcta del fujo de eectivo en una empresa. Estos principios est+n orientados a lograr un equilibrio entre los fujos positivos ;Entradas de dinero y los fujos negativos ;salidas de dinero de tal manera que la empresa pueda, conscientemente, infuir sobre ellos para lograr el m+imo provecho. 0os dos primeros principios se re(eren a las entradas de dinero y los otros dos a las erogaciones de dinero.
/2/2-E/ E/ /28% /28%2 226 26
/"ie /"ie)p )pre re 0u 0ue e sea sea posi posi(l (le e se de(en de(en incr incre) e)en enta tarr las las entr entrad adas as de
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%37/)6 /28%226' /"ie)pre 0ue sea posi(le se de(en de)orar las salidas de dinero1
Ejemplo' • •
8egociar con los proveedores los mayores pla!os posibles. 7dquirir los inventarios y otros activos en el momento m+s próimo a cuando se van a necesitar.
=ay que hacer notar que la aplicación de un principio puede contradecir a otro, por ejemplo' "i se vende sólo al contado ;cancelando ventas a crédito se logra acelerar las entradas de dinero, pero se corre el riesgo de que disminuya el volumen de venta. %omo se puede ver, eiste un conficto entre la aplicación del segundo principio con el primero. En estos casos y otros semejantes, hay que evaluar no sólo el eecto directo de la aplicación de un
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23 E"T#DO" E"T#DO" DE FLUJO FLUJO DE EFECTIVO EFECTIVO 4ENE$#L 4ENE$#L #3 #ctividad #ctividades es Operat Operativas ivas "on las actividades que constituyen la principal uente de ingresos de una empresa, así como otras actividades que no pueden ser cali(cadas como de inversión o (nanciamiento. Estas actividades incluyen transacciones relacionadas con la adquisición, venta y entrega de bienes para venta, así como el suministro de servicios. 0as entradas de dinero de las actividades de operación incluyen los ingresos procedentes de la venta de bienes o servicios y de los documentos por cobrar, entre otros. 0as salidas de dinero de las actividades de operación incluyen los desembolsos de eectivo y a cuenta por el inventario pagado a los proveedores, los pagos a empleados, al (sco, a acreedores y a otros proveedores por diversos gastos.
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+nimo de obtener una renta para un recurso que de otra manera estaría ocioso. ero para una empresa de que hace habitualidad en la compra y venta de títulos, estas operaciones hacen su actividad undamental y son la uente principal de generación de recursos (nancieros. El p+rr p+rra ao o @A de la 82% 82% B acla aclara ra que que las las tran transa sacc ccion iones es que comp compre renda ndan n títu título los s o prés présta tamo mos s eectuadas en orma habitual por ra!ones de intermediación u otros acuerdos comerciales habituales que constituyan el objeto del ente y, por lo tanto, la uente principal de ingresos, se considerar+n similares a las transacciones con inventarios eectuadas por una empresa que se dedique a la compra y reventa de los mismos, y por lo tanto deber+n incluirse dentro de las actividades de operación. *e la misma manera en el caso de las entidades (nancieras respecto de sus operaciones de toma y préstamos de dinero.
!3 #ctividad #ctividades es de Inversión Inversión
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0a mayoría de los préstamos y los pagos de éstos son actividades de (nanciamiento> sin embargo, como ya se hi!o notar, la liquidación de pasivos como las cuentas por pagar, que se han incurrido para la adquisición de inventarios y los sueldos por pagar, son todas actividades de operación
5oja de Tra(ajo ara elaborar el Estado de &lujo de Eectivo se har+ una hoja de trabajo, con el objetivo de obtener un mejor panorama del an+lisis de las variaciones. El primer paso para en la elaboración de la hoja de trabajo es vaciar los balances comparativos con sus respectivas variaciones, luego deber+ ir anali!ando la variación de cada cuenta para identi(car si originó una uente o un uso de eectivo y posteriormente clasi(carla entre los tres tipos de fujos. *entro de la misma hoja podr+ utili!ar una columna como reerencia del an+lisis de cada cuenta,
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73 FLUJO" DE EFECTIVO EFECTIVO EN -ONED# -ONED# E8T$#NJE$# E8T$#NJE$# 0os &lujos de eectivo de transacciones en moneda etranjera deben convertirse a la moneda que utili!a la empresa, utili!ando la tasa de cambio que esté vigente al momento de haberse reali!ado cada fujo. *e igual orma los fujos de eectivo de una subsidiaria etranjera deben ser convertidos, convertidos, utili!ando la tasa de cambio vigente al momento de haberse reali!ado cada fujo. ara la presentación de fujos de eectivo en moneda etranjera se puede utili!ar una tasa de cambio que se aproime al cambio que se ha dado en las transacciones de un periodo, si se puede, a través de una media ponderada. "i se dan pérdidas o ganancias por las dierencias en el cambio no se producen fujos de eectivo para conciliar el eectivo al principio y al (nal del periodo, este importe se presentar+ por separado
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-
*os Estados de "ituación o 9alances $enerales ;o sea, un balance comparativo reeridos al inicio y al (n del período al que corresponde el Estado de &lujo de Eectivo. Eectivo .
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%onsiste en presentar los importes de los resultados ordinarios y etraordinarios netos del período tal como surgen de las respectivas líneas del Estado de /esultados y ajustarlos por todas aquellas partidas que han incidido en su determinación ;dado el registro en base al devengado, pero que no han generado movimientos
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7simismo deber+n tenerse en cuenta los saldos de clientes al inicio que se originaron en ventas de ejercicios anteriores y que también también han generado ingresos ingresos de eectivo. 7sí, el importe a eponer eponer en el estado no es la cira cira de ventas ventas del ejerc ejercici icio, o, sino sino lo recau recaudad dado o durant durante e el mismo mismo por ventas ventas del propi propio o ejer ejercic cicio io m+s lo
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aspecto importante en este c+lculo es la dierencia de tiempo de las transacciones, por lo que este concepto debe determinarse utili!ando la siguiente órmula' $astos
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2mpuestos sobre la renta pagados
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5OJ# DE T$#!#JO C5IC#" ,ODE$O"#" "3#3 de C3V3 !#L#NCE 4ENE$#L Eli)inaciones "aldo 6AA2
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E"T#DO DE $E"ULT#DO"
5entas
H LAJ,JJJ.J J H @IJ,JJJ.J J
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C5IC#" ,ODE$O"#" "3#3 Esta Estado do de fujo fujos s de de ee eect ctiv ivo o ara ara el a1o terminado el L@ de diciembre de MJJ@
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@I,JJJ.JJ Eectivo pagado para adquirir activos (jos
H ;@M,JJJ.JJ
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FLUJO DE EFECTIVO DE #CTIVID#DE" DE FIN#NCI#CI.N3 roducto roducto de la emisión de acciones
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5entas netas
HLAJ,JJJ.JJ HLAJ,JJJ. JJ
G *isminución en cuentas por cobrar
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Eectivo desembolsado por actividades de operación
H;LLJ,JJJ. JJ
Flujo de efectivo neto de actividades de operación3
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%osto de ventas
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3tilidad en ventas
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,#"IVO 7"256 %2/%3078)E réstamos 9ancarios %uentas por pagar 2mpuestos por pagar
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TOTAL PASIVO
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$ 1 205 000.00
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5entas netas
H L,CCM,JJJ.JJ
-+s' *isminución en cuentas por cobrar
H
KM,JJJ.JJ
H I,JAI,JJJ.JJ
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H M,KNJ,JJJ.JJ
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ago de eectivo por gastos
H
NAJ,JJJ.JJ
H L,K@M,JJJ.JJ
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impuestos
MC,JJJ.JJ
LA,JJJ.JJ
K,JJJ.JJ
LA,JJJ.JJ
K,JJJ.JJ
ropiedad, planta y equipo
H @,ALN,JJJ. JJ
H @,ACK,JJJ. JJ
H AN,JJJ.JJ
H @,ACK,JJJ. JJ
H AN,JJJ.JJ
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3AA
E"T#DO DE $E"ULT#DO"
3AA
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3AA 3AA
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%uentas por pagar a largo pla!o
CM,JJJ.JJ
CM,JJJ.JJ
H L@,JJJ.JJ
H L@,JJJ.JJ
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