Item Master in Manage System Option Mandatory or can be assigned later time

Summary:

We are implementing Lease Accounting Module in Phase 1, we can see under Lease Accounting Configuration - System Options the field for Item Master to be assigned. We are not planning to include SCM and WMS modules in our current phase, then we are not planning to define an Item Master.

In Phase 1, we are expecting to only have property leases but may have lease equipment in the future. We need to make if not assigning an Item Master in system option now, then item master can be updating later time from the Lease Accounting System Options?

Could you please confirm if this is possible.