what is the use of labor cost field on employee record

AI generated answer (using internal Slack threads):

The Labor Cost field on the Employee record in NetSuite is used to track the cost of labor associated with an employee. This cost can be used in various calculations and reports within NetSuite, such as project costing, manufacturing costing, and work in progress (WIP) tracking. In the context of project management, the Labor Cost field can be used to determine the cost rate for time entries associated with a project task. This cost rate can then be used to calculate the total cost of a project based on the time spent by employees on different tasks. In manufacturing, the Labor Cost field can be used to track the cost of labor associated with the production of goods. This can be particularly useful for tracking costs associated with work in progress (WIP), as well as for calculating the total cost of goods manufactured. It's important to note that the Labor Cost field may not be directly editable via certain interfaces such as the mass update UI or CSV import UI. It may also not be directly accessible via certain APIs. However, it can be updated through other means such as CSV import on the Employee record or through the Project Task record. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******