People use deferrals to recognize a revenue or an expense during a period that is different from the one in which the transaction was actually posted. Most accounting controls are focused on the current accounting period. The deferrals functionality lets you automatically defer revenues and expenses over a specified schedule and multiple accounting periods, giving accountants more control over when people post deferrals.
You can define periods during which you allow people to post deferrals for specific users on the G/L Setup page, and for users on the User Setup page by entering dates in the Allow Deferral Posting From and Allow Deferral Posting To fields. This lets people post deferral entries in a future period, even though the Allow Posting From/To fields block other entries.
For deferral templates, you now have an option to specify Beginning of Next Calendar Year as the starting date.