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Try to create another item of inventory type for the old one without inventory and proceed thereafter and see if you can back enter the old ones in the latter and then edit the invoices, salesorders and others that affect inventory thereafter

When re-ordering the arguments to functions, the appropriate function definitions should also be aligned accordingly.

Deprecated is just a warning and can be suppressed in the php,ini.

Solution : Rename your function name emailcomm() to __construct()

Explanation: In previous versions of PHP, if PHP cannot find a __construct() function for a given class, it will search for the old-style constructor function, by the name of the class, but now old style constructors are DEPRECATED in PHP 7.0, and will be removed in a future version. You should always use __construct() in new code. Read php manual

   function __construct() {
      // copy your old constructor function code

https://stackoverflow.com/questions/47549783/php-deprecated-methods-with-the-same-name-as-their-class-will-not-be-constructo

Item Categories and Items

Inventory => Inventory Sales Report => rep304

Try with PHP 5.5 / 5.6 and see if it persists.

Quick Entries or Recurring JVs

Alternatively, direct computed SQL statements extracted from existing entries.

https://stackoverflow.com/questions/168736/how-do-you-set-a-default-value-for-a-mysql-datetime-column
https://stackoverflow.com/questions/54007824/how-to-set-sql-mode-in-my-cnf-in-mysql-8

Also check the parameter for legacy dates in my.cnf

[mysqld]

sql_mode=STRICT_TRANS_TABLES,NO_ZERO_IN_DATE,NO_ZERO_DATE,ERROR_FOR_DIVISION_BY_ZERO,NO_ENGINE_SUBSTITUTION

Create a new company with the en_US-demo.sql Chart of Accounts.

Configuration on a per company basis are stored in the database - sys_prefs table. Configuration of a site-wide nature are stored in config.php  file.

Read the wiki and search the forums at the outset.