For the aging schedules, Schedules 1 and 8, how should the due date for the accounts receivable and payable be set for determining the number of days past due?
A. Generally the due date is when the bill states payment is due. The union should be sure to handle this consistently. Q. In a district council consisting of many subordinate locals, checkoff checks from employers are made payable to the local but are deposited to the district council’s checking account. Assuming there are accounts receivable to be reported on Schedule 1, who reports the accounts receivable? A. The receipts would be reported by the district council in Item 46, On Behalf of Affiliates for Transmittal to Them, and the district council’s remittance to the locals would be reported in Item 63, To Affiliates of Funds Collected on Their Behalf. Any accounts receivable would represent money owed to the locals and should be reported by the locals.
