With Exchange Calendar, you will be sending and receiving a lot of emails related to meetings. There are meeting requests (invitations) and meeting responses going back and forth. You should not delete unanswered meeting requests because this will also delete the associated meeting from your calendar.
One way to manage these emails is to create rules in Outlook or the Outlook Web App to move your calendar-related email to a folder. These instructions use the Outlook Web App. Please note that you should choose one place to work with your rules and always use the same one. One reason for this is because editing your rules in OWA will delete any rules that have been disabled using Outlook.
These instructions assume you have no other rules set up. If you have been using rules in the past, you will need to carefully consider how your rules will interact with each other. If in doubt, please contact your local technical support staff for assistance.
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In the above steps, you can choose Meeting Response to create a rule to deal with messages you receive from people about the meetings you organize. For a more sophisticated rule that keeps Declined messages or messages with extra text in your Inbox, see this blog post from a Microsoft employee.