Projects are large or ongoing pieces of work that you undertake for one particular customer. A typical project could be website development where you may invoice the customer multiple times and have costs, such as sub contract labour, against the income.
Total sales and costs
When you're working on a project for a particular customer, you'll incur costs as well as charge the customer for your time or products. These costs might be travel, sub contract labour or other costs such as 3rd party software and services.
As well as tracking income for a project, you can also track costs that are incurred against the project. Subsequently, you are able to gain an understanding of the profitability of the project you have undertaken.
Furthermore, any costs that are incurred on behalf of the customer, or those that you can re-charge, can easily be added to your next invoice to them.
Setting up a new project
The project section can be found under 'Work > Projects'
Project name this will normally be the contract name / specific project title that you have taken on. It should be different from previous Project Names so consider adding a number or date.
Contact name this is who you are providing the service for, specifically who you will invoice.
Start date the commencement date for the contract or project
End date the estimated or confirmed end date. This can be changed if the project is extended, over runs or is reduced
Budget the total you expect to charge for this project
Status select either Active, Complete or Cancelled
Project Overview
The project overview (accessed by clicking on Work > Projects) provides a financial overview of the project e.g. % complete and amounts to be invoiced, and allows you to add invoices and bills to the project using the options button at the end of the line. 
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