Abscence Valuation in payroll

Hi Team,

I am doing Abscence Valuation In  payroll, i am new to this area.  here i assigned valiuation rule for pai and unpaid abscences, in payroll i ma getting the proper result,

My question is,  i ahve created a wagte type  7841 copied from standard,  what is the use of  wage type here, or else  in payroll wage type showing like bellow screen short, pls clarifime in this area. from Rt Table.

thanks