None of the 240v tools in my shop have a neutral. I have a Rikon 70 30-40; it has L1, L2, and a ground, no neutral. My Rikon bandsaw is currently wired for 120v. It has L1, neutral, and ground. If I convert the bandsaw to 240v, the built-in 120v lamp will no longer work because the tool would no longer have a neutral.Usually 220 has a neutral and two hot lines. The equipment ground is a fourth wire.
So, L1 and L2 should be hot, N is neutral.
Most 240v appliances have a neutral because they either have 120v motors or 120v lighting, or even possibly a 230v outlet. I can't recall any 240v shop tools that used a neutral.