I'm trying to change the COGS/Expense Account on an Item Record and I keep getting the "The G/L impact of a transaction in a closed period cannot be changed." error. However, I thought in the latest release they made it so you could change the account without changed prior periods. How do I enable that setting?

There is a check box under Setup / Accounting / Accounting Preferences on the Items and Transactions subtab that must be set to FALSE (unchecked) to allow the change to be go forward only. Label is: Do Not Update COGS and Asset Accounts on Existing Transactions When Accounts Are Changed