Is there a way to set the product's stock status automatically to "In Stock" after a credit memo has been created and quantity is restored?
Or would it somehow be possible to set that setting automatically to all products that has qty > 0?
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I found an extension that fixes this issue. Seems to work also with 1.9.x editions when tested.
When you create the credit memo there is a field that allows the user to specify whether the item should be returned to stock:
In the case where more than one product was ordered it provides an input field that allows the admin to input the # of items from the credit memo that will be returned to stock.
By default this isn't possible, Magento can only automatically change the product to out of stock. With some modification to the _beforeSave function in Mage_CatalogInventory_Model_Stock_Item (overwrite the class with your own) it can.