Creating an Intercompany Journal Entry throws "Elimination settings for the journal line, account, and name do not match" even when vendor and customer was selected for A/R and A/P type of accounts.

The error "Elimination settings for the journal line, account, and name do not match" is thrown when no intercompany vendor or customer is associated to an Accounts Receivable and Accounts Payable type of accounts that are set to be automatically eliminated. However, the same error will be thrown even when a customer or a vendor is assigned when the Represents Subsidiary field is left blank on the entity record.