Similar to the GL Posting related to Contribution Payments, Benefit Payments and Delayed Contribution Filing Penalties, there is a need for GL Journal Entries to be generated due to Delayed Contribution Payment Penalties.
As with similar previous GL processes, the system will generate the GL Journal Entries for Printing, Review and Approval. Once all transactions are verified and approved, the system will print GL Posting enables the user to verify the financial impact of a process is proper and all Accounts and values are accurate before it has been finally committed.
Afterwards the application will produce the GL File Format required to import the GL Journal Entries into an external GL application.
Overview
Figure 1: Delayed Contributions Payment Penalties GL Posting