Each project has multiple task associated with it. To track actual costing of a Project, primarily in terms of services, user has to create Time Log based on actual time spent on Project-Task. Following the steps on how you can track actual service cost against Project.
Activity Type is a master of service offered by your personnel. You can add new Activity type from:
Project > Activity Type > New
Activity Cost is a master where you can track billing and costing rate for each Employee, and for each Activity Type.
Based on Actual Time spent on the Project-Task, Employee will create a time log.
On selection of Activity Type in the Time Log, Billing and Costing Rate will fetched for that Employee from respective Activity Cost master.
Multiplying these rates with total no. of Hours in the Time Log gives Costing Amount and Billing Amount for the specific Time Log.
Costing in Project and Task
Based on total Time Logs created for a specific Task, its costing will be updated in the respective Task master.
Same way, Project master will have cost updated based on Time Log created against that Projects, and tasks associated with that Project.