Yes, We can Cancel or Reverse the Approved Rental Invoice, if receipt has not been prepared. The User who is having the below workflow can reverse or cancel the bill.

Workflow: Approved -> Reversed -> Cancelled

How to Renew Termsheet?

Navigation: Rental -> Termsheet

Step 1:  Click on Termsheet Renewal

Step 2:  Click on Create Termsheet Renewal

Step 3:  Select the Termsheet

Step 4:  Select the Lease End date, Bill Generation based on. Remaining fields will get  listed from old Termsheet and Save the Termsheet

Step 5:  Status has to be changed as Approved 

Step 6:  After Updating Status as “Approved”, renewed Termsheet is listing 

Step 7:  Commercials, Maintenance details are copying from old Termsheet, hence no need to add again. We need to update only the rate if there is a difference while renewing.