We cannot know what might have caused an error while working with Quickbooks. It can be because of a single thing or a combination of various factors. But one crucial thing in this is to keep a calm mind while solving the error, as we don't want to trigger another error while resolving the current one. In the H series, the error is generally triggered when the user tries to access the company file or other data from another computer and that system is not configured correctly for the hosting setting.
So when the QuickBooks Error Code h505occurs, it displays the following message: "This company file is on another computer, and QuickBooks needs some help connecting." The reason for H505 triggers is when the user tries switching to the multi-user mode. So it's safe to say that something is blocking the multi-user connection between you and your server, which is generally a misconfiguration of the hosting system.