When you connect the UPS, you should see the UPS status on the status page - as far as I can determine, and I haven't done a whole lot of testing, this is a "more or less" default NUT configuration, which works like this ...
IF UPS status = "On Battery" AND battery status = "Low" THEN INITIATE SHUTDOWN.
Pull the UPS plug out of the wall and after a minute or so, you should see the UPS status change to show that it's on battery, leave it a little longer and you'll see the battery status change, leave it long enough and it will shut down.
You can to some extent configure the UPS using Powerchute before connecting it to the DNS-323, but NUT appears to be quite limited, at least when compared to the features available in Powerchute where you can, depending on the UPS, change sensitivity, read voltages, etc. etc.
I have to admit that I'm not too impressed with the NUT developers philosophy, which appears to be that not running the UPS to battery depletion simply reduces availability of the server - from a UPS support standpoint this is a guaranteed way to reduced battery life.