When using Desktop, I think the equivalent functionality uses "Jobs", which are sub-customers.  Add a Job by right-clicking a customer in the customer center and then selecting Add Job.

Not exactly what I was looking for.  I need to keep track of costs for a specfic effort - research projects, etc. - which would all roll up into one class.  Is that possible?  

Yes, you can uses classes and then create reports filtered for one or more classes.