I have a new subsidiary for elimination, what setup steps do i need to make to be able to run intercompany elimination

AI generated answer (using internal Slack threads):

To set up a new subsidiary for elimination in NetSuite, you would need to follow these steps: 1. Create a new subsidiary: Navigate to Setup > Company > Subsidiaries > New. Fill in the necessary details for your new subsidiary. 2. Set up the subsidiary hierarchy: The elimination subsidiary should be at the same level as the child subsidiaries. This means that if you have a parent subsidiary, the elimination subsidiary and the operating subsidiaries should all be direct children of this parent. 3. Assign the elimination subsidiary to the relevant subsidiaries: This is typically based on the subsidiary hierarchy. For example, if you have an intercompany transaction between two subsidiaries, the elimination subsidiary at the same level as these subsidiaries would be used for the elimination. 4. Create elimination journals: These are used to zero out the intercompany transactions at each elimination level. You would need to create these journals manually at the end of each period. 5. Adjustment Only Book: If your parent subsidiary is a consolidating subsidiary (i.e., it has no activity), you might want to create an Adjustment Only Book for your parent. Then, you can post the zeroing journal/trial balance into that Adjustment Only Book, which will represent your consolidated amounts. Remember, the purpose of an elimination subsidiary is to eliminate the impact of intercompany transactions in your consolidated financials. Therefore, any intercompany transactions that occur between your subsidiaries should be reflected in your elimination subsidiary. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******