Source : Webster's Revised Unabridged Dictionary (1913)

Offset \Off*set"\, v. t. [imp. & p. p. {Offset}; p. pr. & vb. n.
   {Offsetting}.]
   1. To set off; to place over against; to balance; as, to
      offset one account or charge against another.

   2. To form an offset in, as in a wall, rod, pipe, etc.

Source : WordNet®

offset
     n 1: the time at which something is supposed to begin; "they got
          an early start"; "she knew from the get-go that he was
          the man for her" [syn: {beginning}, {commencement}, {first},
           {outset}, {get-go}, {start}, {kickoff}, {starting time},
           {showtime}] [ant: {middle}, {end}]
     2: a compensating equivalent [syn: {counterbalance}]
     3: a horizontal branch from the base of plant that produces new
        plants from buds at its tips [syn: {stolon}, {runner}]
     4: a natural consequence of development [syn: {outgrowth}, {branch},
         {offshoot}]
     5: a plate makes an inked impression on a rubber-blanketed
        cylinder, which in turn transfers it to the paper [syn: {offset
        printing}]
     6: structure where a wall or building narrows abruptly [syn: {set-back},
         {setoff}]
     [also: {offsetting}]

offsetting
     adj : compensating for [syn: {countervailing}, {compensatory}, {compensative}]

offset
     v 1: compensate for or counterbalance; "offset deposits and
          withdrawals" [syn: {countervail}]
     2: make up for; "His skills offset his opponent's superior
        strength" [syn: {cancel}, {set off}]
     3: cause (printed matter) to transfer or smear onto another
        surface
     4: create an offset in; "offset a wall"
     5: produce by offset printing; "offset the conference
        proceedings"
     [also: {offsetting}]

offsetting
     See {offset}