Clears up note on the Italian template (7)
I believe the answer is:
stencil
'template' is the definition.
(I've seen this before)
'clears up note on the italian' is the wordplay.
'clears' becomes 'nets' (as in to make a net profit).
'up' shows that the letters should be reversed in order (in down clue: letters go upwards).
'note' becomes 'c' (musical note).
'on' is a charade indicator (letters next to each other).
'the italian' becomes 'il' ('the' in Italian).
'nets' backwards is 'sten'.
'sten'+'c'+'il'='STENCIL'
(Other definitions for stencil that I've seen before include "Cut-out master pattern" , "outline" , "Cut-out for applying ink" , "Cut sheet used for painting design through" , "It helps get uniform print-out" .)