General ledger accounts are kept with open item management if you need to check whether
there is an offsetting posting for a given business transaction.
Open item management would usually be set for the following accounts:
1> Cheque clearing accounts (bank clearing accounts)
2> Goods receipt (GR) / Invoice receipt (IR) clearing accounts (to check at any time whether invoices have been received for the goods received for an order).
3> Salary clearing accounts
However it is also recommended for the purpose of reconciliation of bank accounts with actual physical balance to keep bank accounts as open item managed which would give the following positive outcomes:
- Accounts can be reconciled (and signed off on) at each month end;
- T Code F-03 could be used for clearing of open items
- Easy tracking and correction of errors via F-03;
- Large volume of transactions can be easily handled and there are no piling up of transactions on the bank accounts for the period of reconciliation