Hi Kristin

There are two possible effects.

1) If the new account set has a different costing method, this can create unexpected results in valuation and costing. I would strongly recommend not changing from one account set to another with a different costing method.

2) If the GL Inventory Control account defined is different between the two account sets, you ought to run an item valuation report of the items you are planning to change, and make a journal entry in the GL crediting the Inventory Control account of the old account set, and debiting the Inventory Control account of the new one, for the total of the report.

Steve