I'd like to create a Region formula on addresses in Lightning, and I just want to be sure I'm putting it in the right place... should I add it as a custom field on Accounts and Contacts, or just Accounts but all record types? Thanks! Here's the formula similar to what I'm doing if you're curious: https://help.salesforce.com/articleView?id=000005450&type=1 cc @Nonprofit Success Pack
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What are you trying to accomplish with the field? Where will this information be used/reported? That will determine where it's best to go.