Can I cancel amortization schedule? that is in progress?

Are you talking about adjusting an existing schedule that has already been getting moved out of prepaids in previous months? Or just cancelling the month you're currently running? (If this, we do this from time to time and just delete the JE and re-do.)

Need to cancel month that is running currently

@Marygolds3 - you need to void the original transaction and recreate it, unfortunately

You can edit the schedule and re-allocate the amount from the month you want to skip and add it to another month, if you just want to “cancel” a specific month. The grand total amortization amount has to match with the line amount. If you want to cancel the entire schedule, you have to create a transaction that will also counter your prepaid expense posting and will naturally have a negative amortization schedule.