How to set up equipment on Sage 50 Premium to track expenses (finance payment, maintenance, repairs, etc) towards the equipment, but also be able to cost a pre-determined hourly rate to a project ID cost code?

Hopefully I can explain this clearly. I am trying to come up with the best way to set up equipment in Sage 50 Premium to be able to allocate all costs to that piece of equipment, such as finance payments, maintenance, repairs, etc. Could this be set up as a non-stock inventory? Now the biggest thing is, I really need to figure out a way to cost a set hourly rate for that piece of equipment to the project ID that it is working on, including the cost codes.

Example:

Project ID is : "2301 Harbour View PH1"

Cost Codes are: "01 - Sanitary", "02 - Storm", etc. 

I would also be using Cost Types.

I will use the timesheet to allocate all labour hours to the project ID using the correct Cost Code and Cost Type, such as on August 5th John Smith worked on Project ID "2301 Harbour View PH1" with 5hrs on cost code 01, and 5hrs on cost code 02. My challenge is that I need to be able to cost the equipment hours to the project cost codes, just for tracking purposes. If it could be done with the non-stock inventory, I am fine to be + or - on the piece of equipment. Is there a way I can charge an hourly rate to the project, then I can look at the non-stock equipment item to see if I am over/under based on all expenses for that piece of equipment vs how much I have costed it to the project it is working on? What do other contractors do when trying to allocate equipment costs to a project?