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Accounts can be grouped into hierarchy but status, budget and applicable projects for each account within the hierarchy are independent. But, if you create an account timesheet report it replicates the same account hierarchy.
Creating Account Custom Field
There can be only one instance of this custom field. It is not automatically created and associating issues with accounts is optional. If you want to you can configure it and set it to be visible for specific issue types and projects just like all other custom fields.
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