diff --git a/include/app.hpp b/include/app.hpp
index 66cd3a9b..1e63ac83 100644
--- a/include/app.hpp
+++ b/include/app.hpp
@@ -50,7 +50,9 @@ struct ModuleWidget : OpaqueWidget {
 	/** Resets the parameters of the module and calls the Module's randomize().
 	Called when the user clicks Initialize in the context menu.
 	*/
-	virtual void initialize();
+	virtual void reset();
+	/** Deprecated */
+	virtual void initialize() final {}
 	/** Randomizes the parameters of the module and calls the Module's randomize().
 	Called when the user clicks Randomize in the context menu.
 	*/
@@ -113,8 +115,10 @@ struct RackWidget : OpaqueWidget {
 	RackWidget();
 	~RackWidget();
 
+	/** Completely clear the rack's modules and wires */
 	void clear();
-	void initialize();
+	/** Clears the rack and loads the template patch */
+	void reset();
 	void openDialog();
 	void saveDialog();
 	void saveAsDialog();
diff --git a/include/engine.hpp b/include/engine.hpp
index 93a89ccb..b2f897b3 100644
--- a/include/engine.hpp
+++ b/include/engine.hpp
@@ -56,8 +56,10 @@ struct Module {
 	virtual void fromJson(json_t *root) {}
 
 	/** Override these to implement spacial behavior when user clicks Initialize and Randomize */
-	virtual void initialize() {}
+	virtual void reset() {}
 	virtual void randomize() {}
+	/** Deprecated */
+	virtual void initialize() final {}
 };
 
 struct Wire {
diff --git a/src/app/ModuleWidget.cpp b/src/app/ModuleWidget.cpp
index f9a19314..1d768575 100644
--- a/src/app/ModuleWidget.cpp
+++ b/src/app/ModuleWidget.cpp
@@ -103,12 +103,12 @@ void ModuleWidget::disconnect() {
 	}
 }
 
-void ModuleWidget::initialize() {
+void ModuleWidget::reset() {
 	for (ParamWidget *param : params) {
 		param->setValue(param->defaultValue);
 	}
 	if (module) {
-		module->initialize();
+		module->reset();
 	}
 }
 
@@ -170,7 +170,7 @@ Widget *ModuleWidget::onHoverKey(Vec pos, int key) {
 	switch (key) {
 		case GLFW_KEY_I:
 			if (guiIsModPressed() && !guiIsShiftPressed()) {
-				initialize();
+				reset();
 				return this;
 			}
 			break;
@@ -211,10 +211,10 @@ struct DisconnectMenuItem : MenuItem {
 	}
 };
 
-struct InitializeMenuItem : MenuItem {
+struct ResetMenuItem : MenuItem {
 	ModuleWidget *moduleWidget;
 	void onAction() override {
-		moduleWidget->initialize();
+		moduleWidget->reset();
 	}
 };
 
@@ -248,7 +248,7 @@ Menu *ModuleWidget::createContextMenu() {
 	menuLabel->text = model->plugin->name + ": " + model->name;
 	menu->pushChild(menuLabel);
 
-	InitializeMenuItem *resetItem = new InitializeMenuItem();
+	ResetMenuItem *resetItem = new ResetMenuItem();
 	resetItem->text = "Initialize";
 	resetItem->rightText = GUI_MOD_KEY_NAME "+I";
 	resetItem->moduleWidget = this;
diff --git a/src/app/RackScene.cpp b/src/app/RackScene.cpp
index 077136bb..a4c8bd81 100644
--- a/src/app/RackScene.cpp
+++ b/src/app/RackScene.cpp
@@ -86,7 +86,7 @@ Widget *RackScene::onHoverKey(Vec pos, int key) {
 	switch (key) {
 		case GLFW_KEY_N:
 			if (guiIsModPressed() && !guiIsShiftPressed()) {
-				gRackWidget->initialize();
+				gRackWidget->reset();
 				return this;
 			}
 			break;
diff --git a/src/app/RackWidget.cpp b/src/app/RackWidget.cpp
index e00e3c08..74143770 100644
--- a/src/app/RackWidget.cpp
+++ b/src/app/RackWidget.cpp
@@ -38,7 +38,7 @@ void RackWidget::clear() {
 	lastPath = "";
 }
 
-void RackWidget::initialize() {
+void RackWidget::reset() {
 	clear();
 	loadPatch(assetLocal("template.vcv"));
 }
diff --git a/src/app/Toolbar.cpp b/src/app/Toolbar.cpp
index d6681788..d0def913 100644
--- a/src/app/Toolbar.cpp
+++ b/src/app/Toolbar.cpp
@@ -8,7 +8,7 @@ namespace rack {
 
 struct NewItem : MenuItem {
 	void onAction() override {
-		gRackWidget->initialize();
+		gRackWidget->reset();
 	}
 };
 
diff --git a/src/core/AudioInterface.cpp b/src/core/AudioInterface.cpp
index fde48012..69a28caa 100644
--- a/src/core/AudioInterface.cpp
+++ b/src/core/AudioInterface.cpp
@@ -118,7 +118,7 @@ struct AudioInterface : Module {
 		}
 	}
 
-	void initialize() override {
+	void reset() override {
 		closeDevice();
 	}
 };
diff --git a/src/core/MidiInterface.cpp b/src/core/MidiInterface.cpp
index e3b945c3..a07b127a 100644
--- a/src/core/MidiInterface.cpp
+++ b/src/core/MidiInterface.cpp
@@ -259,7 +259,7 @@ struct MIDIToCVInterface : MidiIO, Module {
 		baseFromJson(rootJ);
 	}
 
-	virtual void initialize() {
+	virtual void reset() {
 		setPortId(-1);
 	}
 
@@ -534,7 +534,7 @@ struct MIDICCToCVInterface : MidiIO, Module {
 		}
 	}
 
-	virtual void initialize() {
+	virtual void reset() {
 		setPortId(-1);
 	}