Here is the method I use to refresh my iTunes library. It will result in all library tracks with missing files being deleted and all files in your music folder having an entry in the library, including any which currently have no entry. It is especially useful if you have multiple PCs saving files to the same folder as they quickly become out of synch.
1) if you have any playlists then use the export playlist function as these will be lost
2) go to music, select all tracks and remove from the library (press delete), but when have option whether to delete or keep files choose "keep files" or you will delete all your music !
3) repeat for audiobooks, podcasts etc
4) go to Edit> preferences >advanced and uncheck "copy files to itunes folder" (to prevent duplicates)
5) go to file >add folder to library, select your music folder (if you have moe than one folder you wil need to do them sequentially, repeating steps 5 to 7)
6) wait... how long will depend upon the number files, speed of PC etc but it could be an hour or more
7) once complete check everything is as expected
8) recheck the copy option in preferences >advanced incheck "copy files to itunes folder"
9) import playlists from the files created in step 1
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