This feature works with memberships regardless of whether they have an expiry date, or are ongoing! Cancelling a membership will cancel payments after the expiry date and you'll also be able to add a cancellation fee.
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Cancelling in advance is easy, read on for more information on how it works.  
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First, find your member in the system and go to their contact profile - Then find the membership they wish to cancel and press "Cancel Membership":

You'll then be asked to choose the date and the reason for cancelling. Then press "Continue". Your reasons for cancelling are in a selectable list (for easy reporting later!), and you can add more using the "Manage options" section: 

On the next screen you will have the option to delete all payments between now and the new cancellation, or let the payments continue until the cancellation date. You'll also be able to add a cancellation fee. Once that's done, click "Save":

The membership will now say "Cancellation pending" until the day of cancellation: 

To void the cancellation, see the details, or change the date, you can click on "Cancellation pending" which will take you to this screen which will show the details of the cancellation. You will then be able to press edit. To delete, press the trash icon beside the edit button (this will not delete the membership):

You will only be able to edit the cancellation reason. To add a new cancellation with a different expiry date, you will just need to delete the cancellation and then re-add it.
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For any further questions or queries, please contact support at support@clubworx.com