Using the Terminate feature, you can cancel a standalone, fixed bundle, or a configurable bundle asset. You can terminate an asset midway through the selling term. When an asset is canceled, CPQ captures the Termination Date of an asset on the Line Item object in the Contract Number field in CCYY-MM-DD format, which is used by the order and asset to store the Cancellation Date. The appropriate order line items are created and assets are also updated immediately after termination.

The billing impact is shown during termination only if you have the Conga Billing package installed in your org. For more information, see Use Case: Terminating Assets When Billing Management is Installed. If the Conga Billing package is not installed, CPQ calculates the different values based on the calendar dates.