I hate to disagree but I am not sure creating a new item is necessary for this.  If my assumption is correct and the Judy only wants to switch asset accounts to keep the total of the item value, then it is a three-step process after you backup your file.

1. Use the Inventory Adjustment module to reduce the quantity and value of the item to zero.  Send this to a specific expense account of your choosing using the Acct column.  Some people use the regular expense (COGS) account for that time, others use an Inventory Adjustment account.  The key is to use the same account here and in step 3.
2. Change the inventory item Asset linked account to the correct account, now that there are no items in stock.
3. Use the Inventory Adjustment module to increase the quantity and value of the item to the original level.  Use the same specific expense account you used in Step 1.  Check the reports to make sure the value moved on the balance sheet and the total value and quantity of the item has not changed.

Thank you all for the response.

Richard's assumption is close to my situation.

We had an item A was put in to Inventory a/c-1150 with all other item.

After system conversion,  I made another a/c# 1155 Inventory-A, and link item A to the a/c 1155.  

We continue using this item# for SAL and PUR,

Now I want to transfer the value of Item A which we originally put under a/c#1150, to a/c#1155.  Total value unchanged.

I will try Richard's steps.

Thanks all !!

Thank you all for the response.

Richard's assumption is close to my situation.

We had an item A was put in to Inventory a/c-1150 with all other item.

After system conversion,  I made another a/c# 1155 Inventory-A, and link item A to the a/c 1155.  

We continue using this item# for SAL and PUR,

Now I want to transfer the value of Item A which we originally put under a/c#1150, to a/c#1155.  Total value unchanged.

I will try Richard's steps.

Thanks all !!

Step 2:　Change the inventory item Asset linked account to the correct account, now that there are no items in stock.

.................

My problem is I have already changed the inventory item Asset linked accout before any inventory quantity adjusments.

Is there still a way to fix this?

Please help.

Thanks.

Hence, why I don't suggest to change the linked account on an inventory item, but to make a new item instead.

So, if the value of the item is now in 1150 and you want it in 1155:

***I would make a backup and test this first, as I am just thinking out loud and haven't tried this. Also make sure you are in single user mode so no one messes this up as you work.

What if you make another inventory item for the sole purpose of transferring the value from 1150 to 1155? Let's call it ItemADJ. Link ItemADJ to 1155.  Re-Link Item A to 1150. Adjust inventory from Item A to ItemADJ for the quantity and value required. Then put Item A back to 1155. Adjust inventory from ItemADJ to Item A.

Should work, right??? Like I said, make sure you have a backup first.

HI Judy@river,

You may also want to take a look at the knowledge base article below.  Please read method 3.

10276 How to adjust the inventory to match the GL balance?

Hope this helps.

Hi, Keith L

I used method 3. Successful transfered.

Thank you all for help.