Invoices can be either canceled or removed from the Life Cycle pane. Canceling an invoice cancels the current process taking place on the invoice. The invoice is left in the Life Cycle pane, but is moved to the Awaiting Exit queue. From this queue, it can be removed from the life cycle, or moved to another queue in the life cycle.
Removing an invoice removes the invoice completely from the life cycle. The invoice is deleted and no longer remains in any queue within the life cycle.