We also do reporting to grant funders, and also for our fee for service contracts. I have tried every way I can think of in FE but it is impossible. There is no way to get this info out of Financial Edge payroll. I find it truely frustrating as we were told by the sales people that FE will do project accounting. PR is our biggest expense, but I have found the PR module useless for our reporting needs.
We have chosen to enter our time in another program (we will soon be converting to ADP). I get all the reports I need for grants etc. out of this other program.