Use a standardized way of naming Projects (i.e. "Jack and Jill Smith House" for a client with a single project or "Vanguard Hotels: Downtown" and "Vanguard Hotels: Beach" for clients with multiple projects).
Client Name is ONLY for clients with multiple projects (otherwise leave blank). In the example above you would put "Vanguard Hotels Group" (or the full name of the company) in Client Name for EACH project that client has. So you would repeat "Vanguard Hotels Group" in Client Name twice for the example above.
Project Code is an abbreviation of the Project name or can be your own internal Project Number or Code. For example, project 'Jack and Jill Smith House' could have a Project Code 'JJSH'. Project Code is used because there isn't always space to show the full Project Name.
Add a picture to help quickly identify the Project.
Tax Rate comes from your Account/Settings Tax Rates. It's the default tax rate used on the project's Proposals and Invoices.
Project Budget is the overall budget, for reference on the project.
When you Submit the form the new Project's Dashboard will open. This is where Items (Products and Services), Time, and Tasks are added. The Project Dashboard is also where Proposals/Invoices/POs are created.