What does receive payment mean? Does it mean the payment has been made by the customer and must then be deposited by us into quickbooks?

Hi karan-oongalee-c,

Welcome to the Community. QuickBooks is designed to help you streamline your work using the powerful features offered in QuickBooks. I'll glad to provide more details so you can get back to doing what you love. 

Receiving a payment in QuickBooks means you're recording the payment you received from your customer in QuickBooks. I encourage you to check out this article here that shows you how to receive payments in QuickBooks. The article provides a video tutorial and helpful steps regarding receiving payments. 

Let me know if this info helps by leaving a comment below. I'll be a message away in case you have other questions.