Calculate the cost based on the time spent

In the application preferences, it is possible to define a currency.
It is even possible to define an exchange rate between currencies.
But I have not found how to apply an hourly rate, for example.
The objective would be to calculate the cost based on the time spent by a project user.
To be developed or existing functionality?

Thank you for your answer in advance.

There was a budget planning plugin, which isn’t maintained anymore.

Thank you for this answer

I set it up and tried it out. It totally meets my needs for now. It’s a shame that this plugin is not maintained anymore.