I have a GL account whose Balance in Local Currency Only (BILCO) and Open Item Management (OI) flags are set. The line items posted to this account are always in foreign currency say EUR. In the month end, we use F13E (Automatic clearing with definition of clearing currency), specify EUR, and clear the line items.
But i wonder if we still need to clear in local currency or not. Financially we are not impacted, since this is a transit type of account. We dont use F.13, since in local currency there are exchange rate gains and losses, which for us for this account make no purpose to record.