Many Kenyan businesses import raw materials, machines or finished goods in dollars or other currencies, and sell in shillings. When purchases and sales sit in different currencies, true costs and margins are easy to get wrong.
Common problems
- Imported goods costed at the wrong exchange rate.
- Supplier balances in foreign currency tracked on the side.
- Margins that look healthy until currency movements are counted.
Multi-currency in cBiZ
Purchase orders can be raised in a foreign currency, so supplier balances and costs follow the currency you actually buy in, and you can sell in any currency where you need to. Accounting records the transactions in one set of books.
Good practice
- Record the rate on each purchase, not an average for the month.
- Review product costs when rates move.
- Keep supplier statements in their own currency.
Ready to see it in your business? Start a 30-day free trial of cBiZ, with no credit card and nothing to install, or talk to our team: call 0751 650 020, WhatsApp +254 751 650 020 or email sales@cybcorp.tech.
