Replace current period forecast with Actuals on cut off date

When we define the the Period Close Settings (Cashflow > Properties > General), and check the Cutoff spends to : Day 1 of every month.

Also, in Cashflow > Properties > Curves > Forecast(Automatic) > Options ,When the 'Replace current period forecast with Actuals on cut off date' is selected, then,

If actuals(Spends BP) are recorded until, May 31, will the above setting replace the period forecast with Actuals on June 1 for the project. Is it necessary to schedule refresh (define refresh frequency) , or will the system refresh after the replace job, to reflect the most recent actuals cost data that may have been made to the distribution .Assuming the same setting is for all projects