When the voucher is created in Accounts Payable, the Fund Name in the Line Item description will be Anonymous Fund. When the check prints, the line will also say Anonymous Fund.
The box will not cause the fund report name to change to Anonymous Fund in reports. It will only impact the check printing for grant lines marked as anonymous.
In conjunction with the Grant Letter field on the Fund 1 tab, you can structure your checks or grant letters to use specific language when the grant or the specific grant letter values are chosen to aid in anonymity management.