How do I deal with delayed payments/sales?

[Les]

On 08/29/2012 07:46 AM, mikedefieslife wrote:
> Hi, I'm new to GNU Cash.
>
> I have some accounting knowledge (high-school and university) but as it's 10
> years old, it's probably more of a hindrance than a help. 
>
> How do I deal with delayed payment when it comes to sales in GNU Cash?
>
> For example:
>
> I sell a service on 01/01/12 for £50, so I put that in my Sales account, but
> the client doesn't pay until 01/03/12 (yes they are very slow with payment).
> Now when I add the £50 sale to my sales account on 01/01/12, this will
> automatically add that balance to my Bank account too for the same date. 
>
> The problem is that the client doesn't pay until 01/03/12, so in GNU Cash my
> Bank account doesn't match what's actually gong on.
>
> Do I need a suspense account? How do I work this in GNU Cash.
>
> Thanks
>
>
>
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I just realized that I stated to credit bank (should be debit).
Sorry,
Les