We use (and love) RedTeam. However, we prefer the QBO tracking of WIP opposed to the RedTeam's WIP Statement. The way we enter it in QBO is that each time we enter an bill (expense of the project) we code it to the "Customer" aka the project in the column on the far right. Then, when we run our Profit and Loss statement at year end, we customize the P&L to View By: Customer. That way, it shows all of the income and expenses for that customer (aka project). For example, an invoice from our engineer for CCDD samples would look like this:
Category: Direct Material, Description: CCDD samples, amount: $1,535, Customer: (select the customer or client assigned to that job), Class: (select cost code associated to that, for me it is 0140010 - CCDD Testing).