How do I deal with delayed payments/sales?

[mikedefieslife]

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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