Cannot reset the wallet

I am new to metamask. I have a failed tx. I have my seed phrase, but when I click on “reset” nothing happens. Just looking to clear the failed tx as it is holding everything up. Seems like it should be easier than this. Any help would be great!!

What does the failed transaction show ? Can you share txhash to check ? @tjmarz

Transaction Hash:





The pending transaction is what you want to cancel right ?

Yes, it is actually a failed tx that now has others pending. The only way I know how to correct this is to reset the wallet.