"Eliminate Intercompany Transactions" checkbox behavior

Hi NetSuite Community,

Can someone confirm the behavior of the "Eliminate Intercompany Transactions" checkbox on GL Accounts?

When checked does this mean that only transactions eligible for elimination will be eliminated?

For example, if we check "Eliminate Intercompany Transactions" on a given revenue account.

If we then book an intercompany sale to this revenue account, we expect this transaction to be eliminated.

However, if we post a non-intercompany sale to that same revenue account we expect this transaction to NOT be eliminated even though the "Eliminate Intercompany Transactions" box is checked for this account.

I had some mixed messages relating to this box and wanted to poll the community to make sure my understanding was correct before I made a sweeping change.