What steps to do to set the DNS PTR record, is the IP in reverse in the name needed?

Solution 1:

If you define the zone as "44.33.22.in-addr.arpa." (notice the dot at the end) then you don't have to specify the whole suffix in the zone file, you can put it simply as "55 IN PTR reverse.dn.record.com." (notice the dot at the end). You can, however, also use the extended form of "55.44.33.22.in-addr.arpa. 300 IN PTR www.dummy_domain.com." (notice the dots after the FQDNs). As about the A record pointing back to the IP, it is not a requirement but most likely no software will validate your reverse DNS if the A record is not there as well.

EDIT:

You need to have the nameservers for that reverse zone delegated to your DNS server by the provider of your IP addresses.

You can setup reverse DNS to any name you want, just that, most likely, you will also need the A record to point back to your IP.