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Accounting for Nominal amounts posting for 62B

Former Member
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Need to post the nominal amounts for a Cross Currency Swap where we buy EUR and sell GBP. Struggling with assigning the relevant GLs to the AAR.

Have GLs for the GBP(GL1) and the EUR(GL2) house banks, so when posting the flow, the GLs dont allow posting in other currency as set for GBP and EUR specifically. How would the accounting hit when the nominal amounts are exchanged and posted. Please suggest.



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Active Contributor
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The solution to this problem consists of a so called currency swap. For this purpose, an intermediate clearing account is used, and the posting is split up into two documents. One document debits the position account and credits the clearing account in position currency, while the second document debits the clearing account and credits the bank clearing in payment currency. Thus, the clearingaccount is posted to in different currencies, and the balance of the clearing account is always zero in the local currency.

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