Depends on your preferences. Some folks want to know the depth from the surface, some want to know the depth below their keel. Best to take the requisite measurements before launch.
Get a good depth measurement at the dock roughly inline with the transducer. Compare that to the reading you have. The difference is the distance between the water surface and the transducer. Adjust the offset so both readings are the same if you want the depth reading from the surface. Basically the same process with depth below the keel, just need to know the draft and do the math.