How Are Automatic Payments Cancelled?
There are two ways to cancel an automatic payment:
The system will cancel an automatic payment behind-the-scenes if the related bill (if any) is reopened BEFORE the automatic payment is interfaced to the financial institution. When you recomplete the bill, the system will create a new automatic payment that reflects the new amount due (and the canceled automatic payment will net out the original automatic payment).
An operator can cancel an automatic payment (refer to How To Cancel A Tender) at any time. You would do this if the automatic payment was rejected by the financial institution.
Fastpath: 
Refer to Credit / Correction Notes and Auto Pay for information about how a credit note may cancel an automatic payment.