that setup in the Bank document posting profileis intended to work for both Letters of guarantees and Letters of credit. In the letter of guarantee I would not see any use for that Settle account, so in my experience is not used in any of the possible transactions involved for that. Also if you see in the demo environment, is always setup as "Purchase payable" account, that seems to be referring to a Purchase order, therefore the transaction involved in a lettere of credit.
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