Is there a way to close a sales order without having to bill and credit it? Example: Sales order (and rev arr) with $100 left on it. We aren't going to bill or recognize the remaining amount and right now we just invoice the $100 and then issue a credit memo so the underlying SO will report as Billed instead of Pending Billing

There should be an option to close a sales order for the lines that have not been billed. If you have the option unchecked then the corresponding revenue elements will be zeroed out on the revenue arrangement for the closed sales order lines. I would recommend testing this in your sandbox environment.

Ah I thought there was and just checked and the button was hidden. Going to test the functionality. Thank you

You have the column "closed" on item level too