The key criterion in the search is the 'Applied To Link Type' filter. It has to be set to "Reimbursement" to return invoices and cash sales with billable items and expenses.
Here are the steps:
1. Navigate to Lists > Search > Saved Searches > New.
2. Select Transaction.
3. Include these filters under the Criteria tab > Standard sub tab:
• Type = any of Invoice, Cash Sale
• Date = within 12/1/2011 and 1/26/2012
• Applied To Link Type = Reimbursement
4. Include these fields under the Results tab > Columns sub tab:
• Account (To display the billable expense)
• Applied To Transaction (To display the billable transaction)
5. Give it a name and save.
Right now it is still not possible to return billable time due to enhancement 76950 .