A/R & A/P question

[Tripp Lilley]

I'm trying to get my head around accrual, accounts receivable, accounts
payable, and so forth. If I have a "contract" (verbal, in many cases) with
a client for $10,000 of work, and I'm going to bill them $5,000 up front,
$2,500 on delivery, and $2,500 on final acceptance, how would I enter
that? Would I make one giant $10,000 "receivable" dated when we agreed to
proceed? Or would I make a receivable each time I invoiced?

(I realize this isn't gnucash-specific, but I need to learn some of this
basic accounting schmee in order to be a useful contributor :) ).

Thanks!

-- 
   Tripp Lilley  *  http://stargate.eheart.sg505.net/~tlilley/
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