Let's say you print out an enquiry (report) for example, of what is currently selling in the shop. So you select today and run it. Now while you are looking at it, the sales figures are changing. People are buying all the time as such what you have on the screen is no longer the latest figures. This is what *refresh* fixes.
Now where you see the red arrow pointing, is the refresh button, if you press this button, the report will rerun and the latest figures will be added to the report. (Click on the screen for greater detail)
That way, you will always have the latest figures on your screen.