converting Other Charge for Purchase items to inventory items, will this affect prior periods

AI generated answer (using internal Slack threads):

Converting Other Charge for Purchase items to inventory items will indeed affect prior periods. This is because the inventory valuation and the General Ledger (GL) impact of transactions involving these items will change. When you change an item from Other Charge for Purchase to an inventory item, the system will start tracking the quantity and cost of the item, which was not the case before. This means that all transactions involving this item will now have a different GL impact. For example, if the item was sold, the system will now debit the Cost of Goods Sold (COGS) account and credit the Inventory Asset account, which was not the case when the item was an Other Charge for Purchase item. Moreover, if there are any open transactions involving this item, such as open purchase orders or sales orders, these will also be affected. The system will now expect you to receive or fulfill these items, which can affect your inventory quantities and valuation. Therefore, before making such a change, it's important to consider its impact on your financials and operations. You might need to adjust your financials for prior periods to account for the change in inventory valuation and GL impact. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******