When an invoice has been paid, that is the trigger to send the renewal to the registry that manages the domain type. (.com > ICANN, .ca > CIRA as some examples). This will renew the domain for the length of time selected in the invoice.
There is no way for this to be undone and that the domain will then be renewed for that length specified. Please follow the steps in the I don’t need a domain any more. How can I stop the renewal? to prevent any further renewals in the future.