QB Issue Resolution:

It will depend on the item you use and what account the item is tagged to.┬áIf the item’s account is Deferred Revenue, you can go ahead and change it.

Resolution for Issue 'We are a SaaS business and typically bill annually. Does QB allow you to change the invoicing so that the credit is Deferred Revenue instead of Revenue?' available: Yes (Solved).
Source: Intuit Community forum.

We are a SaaS business and typically bill annually. Does QB allow you to change the invoicing so that the credit is Deferred Revenue instead of Revenue?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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