thanks a lot this was what i was actually looking for.
i need to reset the values of the fields, overwriting the default values, when this button is clicked.
i have the same request for both defect and Requirement module. it should work in such a way that the field values entered when creating a new Requirements record shall be saved and then used to set default values in any subsequent new Requirements record for the following fields.
Also i should be in a position to switch this option on and off.