Please do not update the Bin Mandatory flag via Config. Package without Validation. That will cause a bigger headache. Microsoft added a process several versions back for converting a non-Warehousing Location to a Location with Warehousing features.
I strongly recommend you try out this process in a SANDBOX first, NOT in your Production environment.
On your Location List, under the Actions Menu > Other is a choice for "Convert to Warehouse Location".
It is going to run through a bunch of verification questions and big, long messages. I strongly encourage you to read through all of it to fully understand the process.
Hope this helps you make the move to Bins.
P.S. It may be simpler to create a new Location, set it as Bin Mandatory and move all your inventory over. That is always an option.
Best Regards,
Ben Baxter
Accent Software Inc