You run the Job Reports to see it by Project Name; all you need is one WIP account for that reason. You can even run a Custom Transaction detail report on the WIP account, just set it to Total by Name.

And this allows your Items to all be linked to WIP, so that you can use them on everyone's estimates. And that's why Est vs Actual report shows is you are on track, over budget, etc. The Asset accounting doesn't tell you what you projected for Windows vs Roofing or which appliances, or how many Sq Ft of Flooring or what was the engineering contract amount. Using the Items is what makes all of that possible, including Quantity, and including PO vs Actual for subs and materials.

This is how I track all WIP projects, and always have, and it works fine. I have attached a Handout for your reference.