Gegenkonto

English translation: counterparty account

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
German term or phrase:Gegenkonto
English translation:counterparty account
Entered by: Peter Zauner

10:22 Dec 19, 2019
German to English translations [PRO]
Bus/Financial - Finance (general)
German term or phrase: Gegenkonto
All,

I am translating a bank statement of a German bank

The column headings are:
Buchungs Tag,
Gegen-IBAN / Gegen-BIC,
Verwendungszweck Name Gegenkonto
Betrag


From the three lines in the statement I can see that money was transferred into and out of the account holder’s account – each time from or to the “Gegenkonto”.
I found this link, which appears to be for a similar arrangement:
https://www.crediteurope.de/uploads/tx_templavoila/gegenkont...

Unfortunately no further context.

Thank you.

Peter
Peter Zauner
Australia
Local time: 13:18
counterparty account
Explanation:
Normally I would also go with contra account ... as that does not seem to be an option, I would go with counterparty account is in the counterparty to the transaction. I would not want to limit myself to make this the payee account as the same setup may also be used for incoming payments...
Selected response from:

Birgit Gläser
Germany
Local time: 05:18
Grading comment
Thank you, Birgit
4 KudoZ points were awarded for this answer



Summary of answers provided
3 +1counterparty account
Birgit Gläser
4offsetting account
David Hollywood
2 +1Payee's account
David Moore (X)
Summary of reference entries provided
Siehe ...
Steffen Walter

Discussion entries: 2





  

Answers


21 mins   confidence: Answerer confidence 2/5Answerer confidence 2/5 peer agreement (net): +1
Payee's account


Explanation:
Little more than a guess, but it would certainly fits the context.
My wife deals with my financial affairs, and she's never heard the expression.

David Moore (X)
Local time: 05:18
Native speaker of: English
PRO pts in category: 186

Peer comments on this answer (and responses from the answerer)
agree  Steve Robbie: Agree, but ONLY if you write "Payer's/payee's account", since the payments can clearly move in both directions. "Counterparty account" also seems a valid suggestion, but is more of a technical term.
2 days 3 hrs
  -> Thank you Steve. I have a feeling that in banking, the "payor" form is more commonly used in this context, but I'd not argue.
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2 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +1
counterparty account


Explanation:
Normally I would also go with contra account ... as that does not seem to be an option, I would go with counterparty account is in the counterparty to the transaction. I would not want to limit myself to make this the payee account as the same setup may also be used for incoming payments...

Birgit Gläser
Germany
Local time: 05:18
Specializes in field
Native speaker of: Native in GermanGerman
PRO pts in category: 60
Grading comment
Thank you, Birgit

Peer comments on this answer (and responses from the answerer)
agree  Steve Robbie: Yes, correct. But for non-technical readers (e.g. if this is a personal bank statement), you could also write "Payer's/payee's account"
2 days 23 mins
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16 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
offsetting account


Explanation:
I would say

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Note added at 16 hrs (2019-12-20 02:51:47 GMT)
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ür diese Belege müssen Sie im Customizing die entsprechenden Sachkonten als Gegenkonto definieren und in den potentiell betroffenen Buchungskreisen anlegen. help.sap.com
For these documents, you need to define the corresponding G/L accounts as offsetting accounts and create them in the company codes that are likely to be affected.

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Note added at 16 hrs (2019-12-20 02:53:50 GMT)
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or simply "offset account"

An offset account is an account that is paired with and offsets another account. ... An offset account is also known as a contra account. The concept is also used in banking, where an offset account is a bank account that is paired with a borrower's loan when determining the amount of accrued interest on the loan.

--------------------------------------------------
Note added at 16 hrs (2019-12-20 02:56:47 GMT)
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For these documents, you need to define the corresponding G/L accounts as offsetting accounts and create them in the company codes that are likely to be ...
https://www.linguee.com/www.linguee.com › english-spanish › translation › offset+account
offset account - Spanish translation – Linguee
Many translated example sentences containing "offset account" – Spanish-English dictionary and search engine for Spanish translations.
Falta(n): Gegenkonto
https://context.reverso.net/context.reverso.net › translation › german-english › Gegenkonto+geb...
Gegenkonto gebucht - Translation into English - examples ...
Translations in context of "Gegenkonto gebucht" in German-English from ... to a balancing account that is the same amount entered to the offset account.


David Hollywood
Local time: 00:18
Works in field
Native speaker of: English
PRO pts in category: 353

Peer comments on this answer (and responses from the answerer)
neutral  Steve Robbie: Will only make sense if this is an offset mortgage or similar arrangement - based on the description, however, the "Gegenkonto" is simply the other party to any banking transaction.
1 day 10 hrs
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Reference comments


13 mins peer agreement (net): +1
Reference: Siehe ...

Reference information:
... https://www.proz.com/kudoz/english-to-german/accounting/3358...

Steffen Walter
Germany
Specializes in field
Native speaker of: Native in GermanGerman
PRO pts in category: 400

Peer comments on this reference comment (and responses from the reference poster)
agree  writeaway
15 mins
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