How to reset system folders in Outlook?

Here are few quick steps on resetting Outlook Systems folders such as Calendars, Contacts, etc.

1. Restart Outlook with following switch: outlook /resetfolders. This causes all folders to be set to default.
2. Move all items from previously moved folder to newly created default folder using outlook Move To operation
3. Delete the moved folder.
4. Restart Outlook normally.

Hope this was helpful.