To use weekly reporting there are a couple of considerations to make when setting up the Contract.
The main consideration is that progress is measured at a Work centre Level, and therefore the budget needs to be setup to allow the logical entry of measured progress, against the project deliverables. This is the Work Breakdown Structure discussed in the Overview.
As part of the Job Work Centre Setup, you will also need to define the units of measure e.g. Man Days, Metres, Hours and so on.
The Job Work Centre created will contain the Unit of Measure, and the Qty for that Unit of Measure for the whole of the Contract.
The Budget will hold the Value for that same Unit of Measure.