Dynamics GP has several ways to record and recognize deferred revenue. One of the easiest to use is the Revenue/Expense Deferral module.
This module allows you to easily set up profiles for different deferral schedules, and apply those to specific transactions.
The deferrals are applied to individual general ledger distribution entries for a transaction, such as an invoice in Sales Order Processing. Once posted, the system will automatically create general ledger transactions into future periods based on the deferral schedule. There is also some nice reporting that makes it easy to show detailed deferred amounts at any point in time.
Here is a video that shows revenue and expense deferral in Dynamics GP.
This video shows an example of how to use the Revenue / Expense Deferral module in Dynamics GP to defer sales revenue over a 36 month period from the SOP module, using a deferral profile.