requirement in periodic billing plan

Dear Team,

we have a business requirements when a contract is created with billing plan at item level ,

the billing is done monthly in advance,

first billing should be on the contract start date and

next billings should be first of every month.

EX:-

the contract start date is 15/10/2014

billing plan for first month it is taking as 01/10/2014 ,

but it should take the contract start date (15/10/2014) as first billing date and

the next billing date should be first of next month 01/11/2014, 01/12/2014....

Is there any standard config to achieve this functionality.

Regards

rajasekhar