It may be necessary to cancel a contract due to various errors/reasons or overdue contracts.
To cancel, go to Change Status.
Select Cancelled and then click on Yes.
Then the system wants to confirm the action. Click on Yes all instances of the futures contract on invoices (not posted or posted) and entries (customer/vendor ledger entries) will be removed. After the status has been changed to canceled, the status cannot be reversed.
You will need to select a cancellation reason code if it is set on in the setup (recommended).