At five, I think punishment should be instant, so the child is aware of the behaviour for which she is being punished.
I think 'distant' punishments, even the day after, run the risk of not being connected in the child's mind, leading to genuine confusion and mixed messages which are counter-productive.
Yes she needs to understand that bad behaviour has bad consequences, and you should ensure that she has this explained to her in a calm time after the behaviour and punishment have passed.