Elect to eliminate financial impact of an intercompany journal entry at the parent of both locations used in the intercompany entry. This will be visible in an elimination column in financials.

You first must enable Intercompany Eliminations under the System Settings:

Once the system setting is enabled, an option will be visible at the Journal Line level of whether the set of journal lines should eliminate or not:

The line item can also be selected to eliminate if the field eliminate is set to TRUE in the excel upload row corresponding to the intercompany transaction