Periods Control at Ledger/Legal Entity Level

Summary:

Can we open/close periods by a combination of the ledger and legal entity?

Content (required):

Hello - We have a scenario where a single ledger contains multiple legal entities and the business need is to control open/close periods by LE and not just by the ledger. I know as per std. functionality, period controls are at the ledger level. One solution option could be to set up a separate ledger per LE however that will increase our ledgers configuration just to meet this requirement without having a real ledger-related need which I would like to avoid. Have any of you faced a similar situation earlier and used any workaround? Pls let me know. Appreciate