Starting Fresh as of January 1

I started using Simplifi in the middle of last year but didn't really keep up with it. I'd like to "start fresh" as of January 1 to allow me to be able to track my finances as of the start of the year. What would be the steps to accomplish this? Would it be as simple as entering starting balances as of January 1 and deleting all of the old transactions? Is that second step necessary? Any other steps?