To create a project template, create your project, add any tasks, files, team members, expenses, or notes. Then click the little blue down arrow next to the project title in the project detail view. You should then see a menu item called Create Template. Selecting this menu item will bring up the template creation dialog window. More details can be found in this
http://www.mycpohq.com/blog/entry/Project-templates-are-here-at-last 