Hi Chitrang,
If your requirement is for UK geography, then you can activate the Direct Memo Notification in your system.Once the Direct memo notification is activated, a collection date will be set against each of the open items in advance, which are due in the near future based on the Business rules.
Once the collection date is set against the particular item, you will not be able to perform cancel/rebill.
Now once the FPY1 run is executed, and item is picked up, the collection date is removed and then you can perform a cancel/rebill.
So in this scenario, until and unless the items for which the collection date is set are collected, SAP blocks them from all of the other processes, which would enable the FPY1 run to pick the items, for which the invoice was sent to the customer.
Once the FPY1 run is executed, only then you will be able to perform the cancel/rebill. So there will be a time delay on the cancel/rebill process that needs to be performed.
Hope it helps
Thanks,
Amlan