The Profit by project report shows income, costs and profit for each Time Tracking project between two dates. Income comes from invoices billed from a project's time or expenses, shared between projects in proportion to the invoice lines. Costs come from the project's expenses and from bill lines given the project.
When the team has projects, each line of a new bill can name one. Invoices billed from Time Tracking are added to the books again once, with their income split by project.