Error when updating the locator control of an item to prespecified

There is one issue in which when trying to update the locator control of an item to prespecified from no control, an error is coming.

From master item form, we are able to update but from organization item form, we are unable to update.
Below is the error:

"APP-INV-05505: You cannot update this field when there is on-hand quantities or transactions exist:"

Note: We do not have any on-hand quantity as well as pending transactions too, still unable to update.