We saw this issue when the following had occurred:
User had moved their data directory to c:\programdata\sage.new\accounts\2018\company.000 and opened the data there.
The Sage program was obviously looking for a reports directory relative to this ACCDATA folder under c:\programdata\sage.new\
We simply moved the data to c:\programdata\sage\accounts\2018\company.000 and changed the Sage.INI file at c:\programdata\sage\ to have the data held at c:\programdata\sage\accounts\2018\company.000 and reopened Sage - the reports button was now working as expected.