The most common tables that are cleaned up are Business Partners, Inventory, G/L Accounts, and Cost Centers.
The difference between removing and deactivating is simple. If there is a transaction in the history of the database against the master data, it cannot be removed. The only option for
those items is deactivation.
The wizard does not do anything that cannot be done manually by a user. It simply runs through the data and does the tasks in bulk.
Find the SAP Business One Master Data Cleanup Wizard on the Administration Menu, under Utilities.
Demo of SAP Business One Master Data Cleanup Wizard: http://www.youtube.com/watch?v=PIWwYPwYTO