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In a single account, you can utilise TAGs in your billing reports for cost reporting, however this will still be a single invoice.
You could create an Organisation and then use this as a seperation to billing on a per account basis. You would have all resources related to Project 1 in one account and all resources related to Project 2 in another account. This can cost a little more due to needing extra NAT gateways and VPC endpoints etc depending on how and what you configure. You can design it in such away where you have common resources shared between accounts.
Both approaches work, however you need to decide how you want to seperate them.
Take a look at this whitepaper, Organizing Your AWS Environment Using Multiple Accounts. As stated above, you can control and report using tags but there are advantages to multiple accounts.
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Yeah I created a parent/management account and then two sub-accounts to achieve the required setup. Thanks a lot!