Yes, you can revert an order back to [Awaiting payment].
Settings
1. [Advanced mode] -Go to [Orders>Fulfillment>Payment confirmed OR Awaiting fulfillment] on your admin page.
- If you have not enabled the [Payment confirmed] status, go to the [Awaiting fulfillment] menu.
[Smart mode] - Go to [Orders>Shipping>Awaiting fulfillment (tab)] on your admin page.
2. Click on the order number of the order you want to send back to [Awaiting payment].
3. In the [Order/CS] section, click on [Mark as Awaiting payment].