In a large heavy-bottom pot or Dutch oven, heat 2 inches of oil to 350 degrees F.
While the oil is heating, set out your dough. Separate the dough into 8 rounds. You can either keep the rounds of dough as they come or roll out the dough into a big sheet and cut out your own circles. (I like doing this if the biscuits are really big.) If doing the latter, it will be easier to roll out the dough if it's close to room temperature.
Gently add the dough rounds to the preheated oil and fry the donuts on both sides until golden brown and cooked through, about 2 minutes per side. Remove the donuts with a slotted spoon to a paper towel or a sheet pan lined with a wire rack to drain excess oil.
Meanwhile, combine the cream cheese and cranberry sauce until well combined. Transfer to a piping bag fitted with a 1/2-inch round tip. Insert the tip into the top and center of the donut and pipe a small amount, letting a little bit come out the top. Dust with powdered sugar. Serve!