The Gross Margin Real-Time report gives you an overview of profit per project. It provides a summarized view of what has been the cost as well as billed amount on projects, excluding all discounts and taxes.
Most of the profitability reports in Core are related to billed cost. Time and expenses have to be tied to a client invoice for the system to recognize them on these profitability reports. However to see the costs independent of their client billing, the Gross Margin Real-time report is the right one to run. In other words, while other Gross Margin reports require the costs to be linked to an invoice, this real-time report shows all costs as they are being entered and any costs you might have manually marked as billed.