We propose a novel method that applies the light transport matrix for performing an image-based radiometric compensation which accounts for all possible types of light modulation. For practical application the matrix is decomposed into clusters of mutually influencing projector and camera pixels. The compensation is modeled as a linear system that can be solved with respect to the projector patterns. Precomputing the inverse light transport in combination with an efficient implementation on the GPU makes interactive compensation rates possible. Our generalized method unifies existing approaches that address individual problems. Based on examples, we show that it is possible to project corrected images onto complex surfaces such as an inter-reflecting statuette, glossy wallpaper, or through highly-refractive glass. Furthermore, we illustrate that a side-effect of our approach is an increase in the overall sharpness of defocused projections.