Clean the version history of your documents.
You can only run this quick action on documents. To learn how to run it on all your documents in a larger scope, such as folders, libraries, or even sites, see the Help me solve this article No transformation template for ListItem error with Clean version history.
How-to
Create a custom report.
Select Document as your Object type.
Add your desired report columns under Columns.
Click Save & continue to save the report if you want to reuse it later or Continue without saving to run the report without saving it.
Select your target.
Click Next.
Click Run now.
Select your desired documents on the Results page.
Click Clean version history in the quick actions menu on the right.
Select if you want to:
Delete all versions - Removes all versions except for the most recent major version and its last draft.
Delete minor versions - Removes all minor versions, only preserving all major and current versions.
Click Clean.
When the action is complete, you will see a Results summary. You can always come back to your report results in the Tasks screen.
Tip: To limit the scope of your report, you can run it on documents within lists with versioning turned on only. To do so, in step (3), add a filter that reads, Lists Matches then Versioning Is Enabled on the second line that appears. If you use this solution, remember that you might have libraries with versioning turned on before and documents that might still have versions. You can add the Version number to your report columns as well.
Caution: With Clean version history, a request is sent to SharePoint to delete the selected versions. These versions are permanently deleted and will not be found in the Recycle Bin.