No, the screw isn't backwards. The flat part of the flanged thing goes against the inside wall of the air filter and the screw (bolt, actually) comes in from the outside. Once you get the airbox and filter housing in front of you it will be straightforward.
I don't know about the 500, but on my 550, I had to assemble the air filter housing and airbox in place on the bike. At first I assembled it on the bench and tried to cram it where it goes but it wouldn't go. Maybe I was lacking spacial orientation skills that day but I had to take it apart and do it in place.
~john