Banking Page: Bank Balance vs. In Quickbooks

We run QBOnline. When you go to the Banking screen, and you are looking at your operating checking account, I understand the Bank Balance number is what QB says is in our bank account from reading your bank balance that you have interfaced, but what is the "In Quickbooks" number, does that tie, in any way, to the bank balance?

One person told me that the "In Quickbooks" is what you "really" have in the bank after all the items entered in quickbooks are DEDUCTED (hypothetically) from your Bank Balance number, is that correct?  Thank you!