At I.B.I.S., our own Abby Moore and Sandra Dodge tackled a Deep Dive into Project Accounting for GP. Belinda seemed to like what they did.
Project Accounting at Convergence 2013
Sales, Purchasing & InventoryMicrosoft & the GP Ecosystem
Archived post from 2013. Dynamics GP and the links it points to have changed since; check current documentation before relying on version-specific steps.