Resetting Filters

The options allows you to reset the selected filters, columns, grouping, sorting to the definition level; i.e the individual customizations are reverted back to the defination level. 

For example, Celoxis provides a canned report "My Expenses" which shows you the expenses created by you in the current week (This Week). However, you might want to see the expenses for the entire month; which you can achieve by selecting "This Month" in the "Created" filter.

After viewing the data, you might want to set the report to its default i.e 'This Week'. The Reset option under the report actions More lets you revert back to the original filter values.