The question: did this engagement make money? Per project, the report sets billed revenue against time cost, and the difference is the project's margin:
- Billed revenue is what the project's billed entries amount to — regular hours at the billing rate, overtime at a flat 1.5 (the deliberate definition of §9.5's overtime section, stated once in §2.9).
- Time cost is all the time logged on the project — billable or not, billed or not — at the cost rate, with no overtime multiplier on cost.
The honesty is in the second line: unbilled effort still costs money, so a project can show a margin loss while every invoice on it was paid. This is the report that tells you which fixed-price jobs to re-price, and which clients' "quick favours" are neither quick nor favours.