Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
Open one of the Office apps, if you are already logged into the Office apps, log out of the Office app.
Wait a couple of seconds, then log back into Office, is your subscription/licence then recognised correctly?
If not, log into your Microsoft account on this link, is your Office licence listed correctly there, or if that is a subscription, check the expiry date listed on your subscription, is that listed correctly.
https://account.microsoft.com/services/
If not, go to the Payments and Billing section, is it indicated your payment has been processed correctly.