Why intercompany balance appearing here? As far as I know, intercompany account balances remain on the balance sheet until the "Eliminate Intercompany Transactions" function is executed at the end of the accounting period. This process removes intercompany balances from the consolidated financial statements. I have already completed the Eliminate Intercompany Transactions for the period, yet the balances still appear in the balance sheet when I set the COLUMN to Subsidiary. However, when I set the COLUMN to Total, the intercompany accounts do not appear on the balance sheet at all. What could be the reason for this? Is this the expected behavior in general?

That sounds correct. The subsidiary-specific financial statements will still show the intercompany balances because these are eliminated only at the consolidated level. The elimination journals are posted to the elimination subsidiary and not to the actual subsidiaries.

Thanks @Luis