SETOFF Definition

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SETOFF is the discharge of a debt by setting against it a distinct claim in favor of the debtor.

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FISCAL YEAR is the declared accounting year for a company, but it is not necessarily in conformance to a calendar year (January through December). However, it does cover twelve months, 52 weeks, 365 days. For example, the U.S. government fiscal year ends September 30, i.e. October 1 through September 30 is their fiscal or accounting year.

EXPORT DECLARATION is the official paperwork required of exporters so trade transactions and goods can be tracked.

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