Cost accounts help you to track activity costs, project expenses and earned value throughout the project life cycle. Cost accounts can be established in a hierarchy available to all projects in the enterprise project structure (EPS).
You can create cost accounts that can be assigned to activities in any project. Further, you can also add expenses, assign expense categories and all the details relating to the expenses.
Firstly, create a cost account hierarchy, Go to Menu bar, choose Enterprise, then cost accounts. Click the Cost Account ID column label to display the cost accounts hierarchy.