Make small adjustments to the current settings then retest until clearance is achieved. Occasionally, a new rest or fletching pattern must be used. Once clearance is established, continue with the paper test. Minor adjustments to the centershot and nocking point usually can achieve a good paper hole. Vane tears left or right usually require a movement of the arrowrest to the left or right, respectively, but often it will work in reverse.
Vane tears high or low usually require a movement of the nocking point down or up, respectively.
Resolve vane high or low tears before working on left and right tears. Perfect tears often indicate perfect arrow flight, but may also indicate a very critical relationship between the fletching, nock, and arrowrest. When satisfied with your paper tear at five feet, back up to about fifteen feet and continue to adjust your tear. Finally, do it all over again at ten to fifteen yards. If you have a sharp vertical tear that doesn't change as you make adjustments to the arrowrest, the problem is probably in eccentric timing.