A Cost Center should be used to determine a specific department that takes responsibility for the costs of any associated records. Use a Cost Center to group records that will be posted to the same accounting code or for other management reporting.
To create a Cost Center click the 
create button near the top right of the Cost Centers grid page accessed via the main menu, under the sub-heading Setup / Cost Centers, or from within the same grid in another form (e.g. Supplier Contracts).
This will open a New Cost Center form. Fill in the Code and Name of the Cost Center (both are required to be able to save the form), and click the Save button on the bottom right to save your changes.
To finalize all changes click the Save button near the bottom of the record. For more information on the Cost Center’s workflow see Default Workflow Status