what does the Eliminate Intercompany Transactions field do on the account record

AI generated answer (using internal Slack threads):

The 'Eliminate Intercompany Transactions' field on the account record in NetSuite is used to mark accounts that should be considered for elimination during the intercompany elimination process. This process is typically run as part of the period close checklist. When this field is checked for an account, any intercompany transactions involving that account will be considered for elimination when the 'Eliminate Intercompany Transactions' process is run. This is useful for accounts such as Intercompany Accounts Receivable and Intercompany Accounts Payable, where balances between subsidiaries need to be eliminated for consolidated reporting. However, it's important to note that only transactions that meet certain criteria will be eliminated. For example, the intercompany customers and vendors used in the transactions must be NetSuite generated, and the transactions themselves must be entered when the 'Eliminate' checkbox is active for the account. If the checkbox is unchecked at the time the transaction is entered, the transaction will not be picked up by the elimination process, even if the checkbox is checked again later. If you need to eliminate only select transactions from intercompany AR/AP accounts, you may need to manually create elimination journal entries. This can be done by debiting and crediting the appropriate intercompany accounts. However, this process can be complex and may require a good understanding of your company's intercompany transactions and accounting practices. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******