On the list of allocations you see current existing allocations.
List of allocations
You can:
Add/edit the allocations
Delete an allocation
2. Add new/edit allocation
Creation of new allocation
For more details about add/edit allocation see Allocations
3. Delete allocations
You can delete allocations, but do not delete allocations which are in use by transactions. If you no longer want to use an allocations then set it offline.