The T-VER-E50B2 Power & Energy Meter supports monitoring of single-phase as well as split- and three-phase circuits that have a neutral available and also circuits that do not include a neutral. These are designated in the E50B2 setup as 2L (no neutral) or 2L+1N (with a neutral), and for three-phase applications, 3L and 3L+1N respectively. The way derived channels are calculated is affected by whether or not a neutral is selected in the configuration.
Please keep in mind that the E50B2 output pulses are based on Amp/hours, Watt/hours, and VAR/hours, which are logged by the HOBO data logger. If the HOBO UX120-017 is logging these pulses, HOBOware will use the pulse values to calculate VAR, VA, Volts, Amps (either phase-to-phase or phase-to-neutral), Power, and PF. If you are using a logger other than the UX120-017, these calculations must be done in Excel using the spreadsheet found here under Documentation.
Attached is a screenshot of two data plots from HOBOware. These were recorded with the E50B2 connected to the same circuit - a 240VAC split-phase US home service. One data set was recorded with the E50B2 set for 2L (no neutral) the other was 2L+1N (with neutral). You can see how the calculated voltage and current are affected by the change in configuration. Also note that resultant power and energy are unaffected.
Screen Shot - E50B2 configured with and without a Neutral