Inventory Item: Turn on Lot Control and Serial Control in Item Track of an Existing Item

Hello PeopleSoft Experts, and Thank You in Advance!

We have an inventory item that was set up in 2017 — police body armor — which typically has a lifespan of 7 years, after which it expires.

Initially, when this item was created in PeopleSoft (Menu > Items > Define Items and Attributes > Define Item), neither Lot Control nor Serial Control was selected under Item Tracking.

Now, due to business requirements, we need to proactively track the expiration of these body armors so replacements can be planned in advance.

Our questions are:

a) What would be the most efficient approach to manage and track expiration dates going forward?