Barometer Calibration

I assume that the barometric pressure I see on my Davis VP is the sea level pressure then… so if I get that to match the pressure at March ARB then the VP will calculate the altimeter pressure based on the altitude I entered at setup? Then I tell WD to use that altimeter pressure value to send to CWOP? WD uses the sea level pressure coming from the VP then (unless that second box is ticked in the CWOP settings)?

Right?