iTunes can't find music - help!!!!

I thought it would be genius to move my entire iTunes library(8000 songs, 40 movies)to my 2TB Time Capsule, erase them off of my MBP drive; thereby saving me much needed harddrive space, and point iTunes library to the new location on the Time Capsule.

Overall it worked but 800 songs now can't play because iTunes doesn't know where to look for them! It will take me forever to go through and manually redirect each song, is there a way to do this all together????

HELP!!!

Also just noticed I lost most; if not all, of my album artwork. Does iTunes library only look for music/video's at the new location? The other folders; ie Album Artwork need to remain in the iTunes created folder on my harddrive??

Found the resolution on the internet, finally. Going to take a few hours to correct but I will get it fixed....