It may be necessary to cancel a contract due to for example.:
ü Various errors
ü Overdue contracts
You cancel a futures contract with the change status button. You will need to select a cancellation reason code if it is set on in the setup (recommended).
You will get a similar question:
When you answer "Yes" all instances of the futures contract on invoices (not posted or posted) and entries (customer/vendor ledger entries) will be removed.
After you change the futures contract to canceled, the status cannot be reversed.