White balance (video)
White balance in video makes sure white is actually white, instead of yellow under lamplight or blue in the shade. You set it so colors look natural, or deliberately warm or cool for mood. In the grade you correct a skewed white balance with your color wheels or the temperature slider.
If you shoot in log or RAW, you have plenty of room in the edit to adjust white balance without quality loss. In DaVinci Resolve, Premiere Pro and Final Cut Pro you use the temperature and tint sliders, or pull your image neutral with the Offset and the RGB parade. A neutral start matters, because only then can you reliably lay your look over it. Tip: use the vectorscope and parade to check that your white is truly neutral before you grade.
Read also the in-depth explanation: White balance (video) explained.
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The presets on this site set these adjustments up for you as a starting point, which you then fine-tune to taste.