Transactions, balances, and budget results, regardless of where you choose to view your data. Two-way sync means that transaction updates (like categorizing a transaction or adding a recent purchase) on the mobile device will sync to your Quicken desktop file and be added to your Quicken file.
After you set up mobile/web sync in your Quicken file, you'll begin syncing transactions to the Quicken Cloud. You can then sync from the Quicken Cloud to your mobile device or Quicken on the Web, so you can always see your latest transactions.