When the time comes, a Lead can be easily transformed into a Project directly from the Funnel page. Find the lead that is ready, and click the potential project name.

On the Update Lead window that appears click 'Transform to Project' either in the top right corner or at the bottoms of the window. This project will now appear in the Project List. 

If the Lead goes cold it can be moved to the Icebox stage following the same steps: 

Please reach out to the Support Team if you have any questions!