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Rose LRose L 

Formula Practice>Recieving: The field 'SLA_Expired__c' does not exist. The field does exist and the syntax was correct. Any suggestions? Thanks

Rose LRose L
The checkbox is true when Today is greater then the expiration date field. Not sure why the system is stating that it's not working?
Sometimes it is very explicit. Are you sure the field label is exactly as specified? 
Are you on the ACCOUNT object? Also, verify the "underscroes".