A Accounting Entries for IRA State and Federal early Distribution Penalty
The listed Accounting entries to be maintained in Interest Accounting entries maintenance screen for redemption (REDM) event for IRA CD products.
State Penalty
Table A-1 State Penalty Entries
| Accounting Role | Amount Tag | Debit/Credit Indicator |
|---|---|---|
| STATE_PNL_GL | STATE_PENALTY | Credit |
| RSTD_BOOK_2 | STATE_PENALTY | Debit |
Federal Penalty
Table A-2 Federal Penalty Entries
| Accounting Role | Amount Tag | Debit/Credit Indicator |
|---|---|---|
| FEDERAL_PNL_GL | FEDERAL_PENALTY | Credit |
| RSTD_BOOK_2 | FEDERAL_PENALTY | Debit |