Schedule C
How do you correctly declare arrears in a Schedule C submission?
Example: Arrears Paid: $700. Due Chanda for that year: $300. Finance statement shows $1,000 paid total.
On Schedule C: Declare Due Chanda: $300. Declare Total Paid: $1,000. State: "The overpayment of $700 was for past arrears."
Members sometimes mistakenly count arrears payments toward due Chanda for that year. The due Chanda was actually lower; the extra was for past arrears.