1 compensate, counterbalance, countervail, counterpoise, counteract, balance (out), equalize, even (out or up), square, cancel (out), neutralize, nullify, make up (for), atone (for), redress; recompense, repay, make amends or restitution, make good, reimburse, indemnify:
The votes from the Centre offset those lost to the Far Left. How are you going to offset losses resulting from pilferage by shop assistants?
2 compensation, counterbalance, counteraction, check, equalizer, neutralizer:
The bank manager considered the money owed to the company as sufficient offset for the money owed by it.