Trunk goes by whenever stock is decremented within Faire which happens as soon as an order is placed by a merchant. However, it's possible that you will not see this order until it is actually approved by Faire's internal process. This can sometimes take weeks if it's the merchant's first order and the order is large.
For example, an order you received in April may have already had its stock decreased for it back in March since that was when the order was first placed. This can lead to confusion if you've just added a Faire sales channel and are seeing new orders without having the stock synced by Trunk since they were placed by the merchant weeks ago.
If an order is canceled during the approval process, its stock will be automatically added back in.