When a Not Posted adjustment is added to a Not Posted gift, the adjustment is seen by The Raiser's Edge as the current gift record. So when the Post to General Ledger process is done, the settings will look at the adjustment instead of the original gift The settings that will affect the actual posting are the options on the Gifts tab of the Post to General Ledger wizard:
date options of post to GL wizard

Not Posted gifts with a Not Posted adjustment will post to the General Ledger as follows based on the settings above. The primary factor is are the options available when clicking on the Include... button. The following assumes that the gift dates and the fund filters are set to pick up the desired adjustment:

All Gifts / All eligible gifts: This setting posts both gifts and adjustments/reversals in the same posting. If the original gift or the adjustment fall within the settings of the Gifts tab, then (1) the adjustment will post as the gift (debit and credit) and will be marked as Posted and (2) the original gift will be marked as Posted. No reversing entries will be posted because the original gift was never posted, so they're not needed.

Selected Gifts (excludes adjustments and reversals): This setting allows a gift query to be selected to group the gifts to post to the General Ledger. However, if a Not Posted gift has a pending adjustment that is Not Posted, then the gift will not post.

Adjustments and Reversals only: This setting posts adjustments and reversals (reversals are General Ledger corrections that The Raiser's Edge generates when adjusting a posted gift) only. If the adjustment itself falls into the Gifts tab settings, then it will post to General Ledger and the original gift will be changed to Posted as well.