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Dynamic Offset & Edit Offset - What are they? Why do you need them?

Dynamic Offset +/- 4 frames
An offset that is used only in play, unlike the normal offset this is removed in stop. Dynamic Offset is occasionally required to correct for errors in devices (I remember one DAW that required 4 attemps to get the LTC and RS422 in sync). Dynamic offset can also be used to correct for projector/screen delay if the video is on a different device to the audio.

Edit Offset +/- 4 frames
An offset that is only used in playback or record when one or more tracks are armed. A number of digital video devices switch to confidence mode when recording. The timecode switches to be in sync with the playback and is then several frames out of sync with the record. Edit offset is used to correct for this, if not then when you layback the audio it is out of sync..