hi,
as per client requirements,
check with the finance team,what sort of settlement they are carrying out for R&D projects
do they consider it as an Asset,if yes then follow as said by Sammar/Shishir
if no then ask them how are they carrying out settlement,do they settle cost or not.if they do not want to settle cost then its on them let the cost lie in the project ,then you cant close project or else one JV from expense account from WBS of project can be made to the cost center or to G/L account as per finance
have discussions with your finance colleague and with the finance team of client