How to Fix Quickbooks Error h505

[QA Solved]

While trying to access company files which are located on another computer or workstation users come across with QuickBooks Errors H101, H202, H303, H505 very frequently.
“This company file is located on another computer, and this copy of QuickBooks cannot reach the server on that computer” (H202); or “The company file is located on another computer, and the computer needs additional installation and setup. (H101, H303, and H505).”
QuickBooks Error H505 appear as one error but error H202 is an individual error.