Checking in on this thread.  Looks like it has been active for almost a year at this point.  The capability that other users have outlined in this thread is capability I was expecting to be already built-in and available when I purchased the "Professional Services" edition of Quickbooks Desktop.  Unfortunately, managing everything via Excel is very time-consuming and can be prone to user-entry errors, especially across a large number of projects and billing rates. 

Please, please, add this reporting functionality.  All of the information is already in quickbooks (unbilled time, and bill-rate for that time).  Please just multiply them together.