Updating Expense Report Template Expense Items that are in use

I'm wondering if, on an existing Expense Report Template, an existing Expense item description can be updated that is currently in use?  Currently the Expense Item description matches the Prompt, we would like to shorten the expense item description to under 30 characters and leave the Prompt.  Can you please let me know if this can be done and if yes, what we should be aware of as a result of the change for expense claims in flight (created, submitted, approved, audited, basically any that have not yet been interfaced)

What is the recommended method to perform such an update?

Thank you