In D365 Business Central user can cancel or correct posted invoices. Once the invoices are posted in the system the user can go to posted Sales/Purchase invoice using Global search.
Once the Posted Invoice screen opens in the menu ribbon, there is a menu for correct. On clicking of that menu there would be two option as below :
Correct: This option will create a credit memo for the invoice and will also create an open invoice so that user can make the required changes and post the invoice again.
Cancel: This option will just create a credit memo.
The feature of Correct & cancel of posted invoice saves lot of time of the users by automating the process of creating Credit memo.