We have several instances in which we must reverse a transaction such as when someone reserves a ticket, can't attend and then requests a refund.

How do you do this?  Is there any way to enter a reverse transaction without doing an adjustment?

Whenever we issue a refund we do an adjustment - with gift subtype of requested refund.  We are integrated with FE, so this also provides a good audit trail. 

If you don't want to do an adjustment, I hope someone else can help.