Auto accounting for deferred expenses

Hi all
I would like to know if there is a functionality in Oracle to perform auto accounting for Deferred Expenses. I'm giving below an example of my exact requirement for my professional colleagues to reply.
Scenario:
The school fee for an employee's kid is paid on 1 Jan 2012 for the school year 1 June 2012 to 31 May 2013. I would like to account for the payment now as on 1 Jan 2012 showing this as Deferred Expenses and the monthly auto accounting/booking needs to start from 1 June 2012 to finish on 31 May 2013.
Is there any functionality available which will help me do this without any monthly manual intervention.
Regards
Anand
+971 4 3086738

If you are using R 12.1.1 or higher versions you can use multiperiod accounting.
Further I am assuming that you want to account for school fees from oracle payables.
Thanks,
Sid

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hi
820417 - Implementation Guide for Revenue Recognition
779365 - Best Practice document for revenue recognition
REVENUE RECOGNITION
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:The point at which revenue (income) is credited to a revenue account in General Ledger. There are three possible types
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Performance-based : Revenue is recognized based on the occurrence of certain events such as goods issue or the performance of a service. Revenue recognition for performance-based documents can occur before, during, or after the invoice process.
Standard : Revenue is recognized at time of invoice:
The specified item was not found.
Re: Revenue Recognition
CONTRACTS
Lets take standard CQ contract type:
First maintain customer - material info record in VD51 T-code
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