@Tracey186 Are you saying you failed to set up a payout preference when you set up your listing? You should never go live with your listing until you have everything set on your account. If you haven't set it yet, go to the Help section on the Airbnb site, or go to your profile photo, edit account, and add a payout method. If you already have it set, new hosts don't get paid until 30 days after their first guest. After that, the payments should be released within 24 hours of guest check-ins.
As a host you should never cancel a reservation- you will be penalized by Airbnb for that. The guest you cancelled- expect to see the money for his booking deducted from your next payment, as well, your calendar will be blocked for those dates, so you can't accept another booking for that time. And in the review section of your profile, it will say "Host cancelled this reservation", which doesn't look good to prospective guests, who are, of course concerned about having their reservation cancelled by the host.
I suggest you contact Airbnb to ask if they can forgive that one cancellation- tell them you are brand new to this and didn't know how it worked.
And you would benefit from reading through all the information for hosts on the Airbnb site so you understand how everything works.