Intercompany accounting between 2 different ledgers and 2 different legal entities

We are looking at implementing intercompany accounting between 2 different ledgers. Currently we have 2 separte primary ledgers for different operating units and both comes under different legal entities.

Both are multi currency enabled. Some transactions involve intercomapny accounting to be generated which are currently happening in 11i instance in one single set of books. The intercompany accounting related to other set of books for this transaction are manually entered. But in R12, through SLA feature, shall we able to get these intercompany transactions or accounting for foreign currency transactions in different ledgers simultaneously with what ever accounting is required in the ledgers by defining any rules.