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Business Unit Tracked As it's own Unit as well as Hierarchy to the Company

We have a Line of Business (LOB); that we would like to track separately from the other LOB's, however still be able to see it as a whole (Hierarchy) within our company.  We don't have OneWorld.  Would it be feasible to create another (we have multiple) Location and create sub-accounts of the GL in order to see the financial reporting, cost and revenue individually as well as part of the whole?  If this is not a recommended solution, are there any best practices that we could follow for the 1 or 2 Lines that we want to see stand alone?

Thank you.

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