Before you can create contracts in Asset Management Suite, you must set up the prerequisite configuration item types for contracts. The Quick Start - Contracts Web part displays the items that must be completed in the order shown, when you first begin managing contracts in Asset Management Suite.
A cost type specifies a type of expense and lets you logically group expenses. Cost type attributes affect depreciation values, group allocation, and other reporting areas. Asset Management Suite includes predefined cost types, but you can add custom cost types if you need to.