what is the difference between labor cost and price in the generic resource record

AI generated answer (using internal Slack threads):

In NetSuite, the labor cost and price in the generic resource record are two different aspects related to project management and accounting. Labor Cost: This is the cost associated with the labor provided by an employee or a resource. It is usually defined in the employee record and is used to calculate the cost of a project. The labor cost can be influenced by factors such as the employee's salary, benefits, taxes, and other overhead costs. It is used internally for cost accounting and project profitability analysis. Price: This is the amount charged to the customer for the services provided by the resource. It is usually defined in the service item record, customer record, or a billing rate card. The price can be influenced by factors such as market rates, customer agreements, and pricing strategies. It is used externally for billing and revenue recognition. In the context of time entries for project tasks, the rate used can come from various sources. If the 'override rates on time entries' preference is enabled, the rate from the time entry will be used. Otherwise, the rate can come from the labor cost field on the employee record, the service item record, or the customer record. If there is a conflict, the item pricing usually takes precedence. However, it's important to note that the labor cost is not directly accessible via time entry records. If you need to update the labor cost, you would typically need to delete the time entry, update the cost in the task, and then re-create the time entry. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******