A cost component means portions of the cost item.
Example: A meal claim. A restaurant receipt can contain the meal cost, the tax and finally a service charge. This means that you can split a single amount into 3 different components.
However, once setup, a cost item will always be divided into the cost components set here, regardless of whether one or more components applies.
An Exact amount is the default cost component and it means the entire amount is reported as one figure. You need to delete this if you want to insert other components.

Shows the identity of the cost component. This holds the primary key for the CostComponent table.
Example: Exact Amount / Tax etc

Stores the description of the cost component.