There is no rule of thumb for situations like these, I suggest you experiment in a copy of your production DB to see what works best for you: a single multi-column index or 2 single-column indexes.
One nice feature of Postgres is you can have multiple indexes and use them in the same query. Check this chapter of the docs:
... PostgreSQL has the ability to combine multiple indexes ... to handle cases that cannot be implemented by single index scans ....
... Sometimes multicolumn indexes are best, but sometimes it's better to create separate indexes and rely on the index-combination feature ...
You can even experiment creating both the individual and combined indexes, and checking how big each one is and determine if it's worth having them at the same time.
Some things that you can also experiment with:
- If your table is too large, consider partitioning it. It looks like you could partition either by location or by date. Partitioning splits your table's data in smaller tables, reducing the amount of places where a query needs to look.
- If your data is laid out according to a date (like transaction date) check BRIN indexes.
- If multiple queries will be processing your data in a similar fashion (like aggregating all transactions over the same period, check materialized views so you only need to do those costly aggregations once.
About the order in which to put your multi-column index, put first the column on which you will have an equality operation, and later the column in which you have a range, >= or <= operation.