Thanks for following this thread, SM29.

In QBO, you can only use the Also update this account in historical option when changing a non-inventory or service item. We want to make sure your previous transactions and inventory reports have the correct information. That’s why the updating feature mentioned above will not show in inventory products.

I’m also adding an article that tackles recording an item to an incorrect account. Please know the steps are from the desktop version, but some of the solutions will apply to QBO: How to Fix Items Posted to The Wrong Account in QuickBooks.

Additionally, this guide provides an overview of how the inventory feature works in QBO. It includes instructions to modify the cost and initial quantity of an item: What is FIFO and how is it used for inventory cost accounting?

Don’t hesitate to visit the Community again if you have other concerns. I’ll be right here ready to lend a helping hand. Have a great weekend ahead.