@Raghu Which projects transactions are related to would need to be captured on the transactions, first off. For example SOs, POs, WOs would need to have an association with the project record. This could be a custom field, or a segment (depending how you're managing projects).
Then you would create search criteria that include Transaction Statuses that you want, or exclude transactions you don't want (like billed, closed, canceled). But these will depend on what transaction types you are including in the criteria in the first place, but you can control that with the same status criteria since the statuses are transaction-type specific.