Chapter McGraw-Hill/Irwin Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved. 19 Cash and Inventory Policy.

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1 Chapter McGraw-Hill/Irwin Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved. 19 Cash and Inventory Policy

2 Introducing 19-1

3 Cash Movement 19-2

4 Anda memiliki Kas saat ini sebesar.... 19-3 Cash OwnedAlternatif Rp 100,000Pinjemin temen bunga ?, simpen tabungan di bank Rp 1,000,000??? Rp 10,000,000??? Rp 100,000,000??? Rp 1,000,000,000Beli tanah, beli obligasi

5 Bagaimana apabila anda memiliki kendala waktu investasi ? Durasi ? Return, Risk, Duration Will Be Your Calculation...... 19-4

6 Upgrading You Cash Out = Disbursment Cash In = Collection 19-5

7 Basic Objective in CASH MANAGEMENT “ Keep The Investment in cash as low as possible while still keeping the firm operating efficiently and effectively “ 19-6

8 19-7 CompanyCash On Hand CIGNA$12.5 Billion IBM$10.5 Billion Pfizer$27.5 Billion ExxonMobil$36.0 Billion Microsoft$64.0 Billion

9 Why Would Firms such as These Hold such quantities of Cash ? 19-8

10 John Maynard Keynes in “The General Theory of Employment, Interest, and Money” -The speculative Motives -The precautionary Motives -The Transaction Motives 19-9

11 Speculative Motives “ The Need to Hold Cash in order to be able to take advantage of...” 19-10

12 Precautionary Motive “ The Need Of Safety Supply to act as a Financial Reserve “ 19-11

13 Transaction Motives “ The Need To Have Cash On Hand To Pay Bills” 19-12

14 Adding Reason : Compensating Balances “Cash Balances are kept at commercial Banks To Compensate For Banking services” 19-13

15 19-14 The Opportunity Cost Of Excess Cash Run Out Of Cash A Cash Balances must be Maintained to provide the Liquidity necessary for Transaction needs

16 Here Is For Example..... 19-15

17 Case Hari ini tanggal 1 january 2014 Kas Perusahaan (Cash on Hand / Bank) menunjukan Rp 10,000,000 Jadwal Pengeluaran (disbursements) sebagai berikut 19-16

18 19-17 DateAccounting AccountCash Disbursement 10 JanPelunasan A / PRp 2,000,000 15 JanPelunasan A / PRp 1,000,000 20 JanPembayaran BuruhRp 3,000,000 22 JanPembelian SuppliesRp 4,000,000 Rp 10,000,000 Is It A Good Policy To Keep Rp 10,000,000 from Jan 1th, till end Of Month ?

19 The Answer is “ Tergantung apakah anda memiliki alternatif investasi cepat (Short Term Investment ?)” 19-18

20 “Short Term Investment Must Be Very Low Of Risk But It Might Be Low Of Returns” 19-19

21 Date Cash Position Date of Cash Disbursement ValueTime For Investment 1 Jan10,000,00010 Jan2,000,0009 Days 11 Jan8,000,00015 Jan1,000,0004 Days 16 Jan7,000,00020 Jan3,000,0003 Days 21 Jan4,000,00022 Jan4,000,0001 days 23 Jan010,000,000 19-20

22 19-21 Cash Cash On Hand Cash equivalent / near cash Cash ManagementLiquidity Management

23 Include Marketable Securities Sekuritas yang dengan cepat dapat di ubah menjadi Cash Account dalam B/S dibawah Cash 19-22

24 AssetsLiabilities + Shareholders Equity Cash Marketable Securities Account Receivable Inventory Short Term Investment Equipment Land + Building Intangible Assets (Paten, etc) Account Payable Short Term Liabilities Long term Liabilities --------------------------------- Equity Retained Earnings 19-23

25 “Cash Float” “The Difference between book cash and bank cash representing the nett Effect of checks in The Process of Clearing” 19-24

26 19-25

27 Cash Float -Cash Disbursement Float -Cash Collection Float -Cash Nett Float 19-26

28 Chapter McGraw-Hill/Irwin Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved. 19 End of Chapter