Final answer:
The Configuration Object for integrating Time and Labor with Payroll or Projects is the Time and Labor rules configuration within the Time and Labor module.
Step-by-step explanation:
The Configuration Object that determines if Time and Labor will be integrated with Payroll, Projects, or both is known as the Time and Labor rules configuration. In systems such as Oracle's PeopleSoft, this configuration allows for the specification of how and when time reporting data gets transferred to other systems such as Payroll and Projects. It's typically found within the setup or settings menu of the Time and Labor module, and it requires careful setup to ensure accurate data flow and processing between the systems. For accurate payroll processing and project accounting, it's imperative that Time and Labor settings are correctly defined to reflect the organization's business rules and practices.