When you want to cancel a booking as an admin from the Booking & Payments admin panel, you have three options:

Cancel, void and refund

The booking is cancelled, and the customer no longer owes the purchase. The charge is opened in Transactions, where you can issue a refund. This option is only available when the purchase has already been paid.

Cancel & void

The booking is cancelled, and the customer no longer owes the purchase. If the customer has already paid, you will still need to open the charge in Transactions and issue the refund manually.

Cancel only

The booking is cancelled, but the purchase remains outstanding, so the customer still owes the amount.