To delete the old update requests.
Deletes the executed update requests. Reorganize the update tables. (Its a background job)
V1 and V2 updates needs to be defined in the system.
V1 handles critical updates and V2 handles the non-critical updates which are defined by the programmers.
We can see either V1 or V2 in the standard SAP Program SAPMV45A by executing SE38
You can also get information regarding SAP BASIS