Yep! That's the best way to go if the account is pre-existing.
Some people will select the option to NOT invoice them when adding it if they were being billed previously by some other system and you want to sync them up, and then change the renew date after the service is added as well, so that it renews at the right time.
For example, if it's a 1 year service when you add it, it will renew a year from today. But if the client paid you for a year back on say January 15, 2015, then you may not want to invoice them now, and change the renew date to January 15, 2016.