Set Field [Yourtable::YourField ; "" ]
There's also the Clear script step that will both clear the field and leave the cursor in the field awaiting input. Clear only clears the field if the field is present on the current layout. Set FIeld will modify a field even if it is not on the current layout so long as the layout context is such that the field is accessible. (The field is from the layout's table or a relationship to the field's table is valid from the current record.)
The script works great for individual entries but is there any way to do this so that we do not have to do this for each entry, basically a bulk clear?
Replace Field Contents [[Yourtable::YourField ; "" ]
I use the above as part of a script frequently (or you can use menu bar Records: Replace Field Contents or as a keyboard shortcut). This script step would work on the current found set of records and the field would need to be a part of the layout. I would at least intitially use the script step with 'Perform without dialog' unchecked just so you can confirm what you are going to do and to how many records your going to do it to. Can't be undone.