I am not for sure what this really means or what I need to do. If anyone can take a moment to enlighten me I would be grateful.

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When it gives you this message there will be an option to "Configure" or "Ignore". Click "Configure".

It will bring up the Version Control settings and it will list the path to your project under the heading "Unregistered roots". Click on the path and then click the plus sign in the upper right hand corner. Screenshot of Version Control with Unregistered root

Then click OK to exit the Version Control settings.

(See also this question.)