What should be done with an item bearing the name of Allah before entering the lavatory?

Primary text

If one enters the lavatory carrying something bearing the name of Allah, it is recommended to set it aside. The practice of the Prophet (peace be upon him) placing his signet ring aside is narrated. If one ensures the item's safety or turns the ring's bezel inward, it is permissible. Ahmad stated that if the ring bears the name of Allah, it should be placed on the inside of the palm and then one may enter.