Consider scenario where Revenue Recognition is enabled . A sales order is created for a time & material project. The sales order line is assigned a revenue schedule. When the invoice is posted from the project, a revenue schedule is created. Upon recognizing the revenue, it only posts an entry into general ledger and no transactions are created within the project subledger, which means the revenue isn't shown on any Project reports, such as the project statement.
Project reports should be available from Project subledger.