In addition to what Fiat Lux - ASIA shared, WIP is accumulating costs in an asset account. Once a project is complete and sold, the costs in the asset account are moved to the Profit and Loss report, an expense account.
We're unable to set it up automatically, though. You'll have to manually create a WIP account. Then, use it when creating transactions. Here's how:
Click Accounting.
Go to the Chart of Accounts tab.
Click New.
Select the Account Type and Detail Type.
Enter a desired name, then click Save and Close.
I'd suggest reaching out to your accountant on the best way to categorize the account. They can also help you with the WIP workflow.