for warehouse shipments, you can delete but the items will be in the ship bin. you need to move those to the proper bins.
no financial impacts.
for sales orders , here is a good answer to previous same question: community.dynamics.com/.../close-a-sales-order-after-partial-shipment
Archive the order. You can then use the archive sales orders data for reporting. Edit the sales order by adjusting the “Quantity” to match the “Qty. Shipped”. Delete the order or have the “Delete Invoiced Sales Orders” routine running on the job queue. You can run the mentioned routine manually too.
Reporting wise I would use the last version of the archived sales order with the posted sales shipments and posted sales invoices.
Worth noting that you can set orders to archive automatically, but on deletion. In your scenario you need it to happen before that as you can only delete it went it’s rolled down to match the shipped qty.: docs.microsoft.com/.../across-how-to-archive-documents
