The 'default' installation path is a value stored in the registry, and may not necessarily be the actual location of your programs. For example, Adagio may have been installed in two places; which one should be the default?

You should browse or enter the correct program location if it does not appear as the initial place. As noted in your message, \Softrak\Alwin is the program directory for Adagio Ledger, usually found on a root of a drive but it doesn't have to be. You can do a file search of ALWIN.EXE to find where your program is installed.