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Are there any repercussions I should be aware of if I moved all our items to the Parent sub and marked include children?

All items will be visible to all subs... This was our situation until we started buying up other companies and integrating them as subsidiaries. We did not want all our items to be visible to all subs and so we had to revert, i.e. we select each sub where the item needs to be visible.

Well in order to handle returns inventory properly, we had to create a seperate location for returns.  I put that location under the parent sub so that they can see items from all the children subs.

but one of the subs has all it's items under itself, so that new Returns location held under the parent can't see those items.  Moving those items to the Parent sub won't mess up inventory correct?  Since those are still held at that sub's location which is under the correct sub.

I don't know enough of your process for moving inventory, but changing subsidiary on the item record does not impact your inventory levels. It merely impacts who/what can interact with the item.

Gotcha.  That's what I figured, but wanted confirmation.  Should work for us then.  Thank you!