LAN Cache: 'Please enter a valid Directory Name' message.

Problem: I am having issues creating a new LAN Cache and getting the system throw this error. How can I resolve this?  

Possible Resolution:

1. Make sure that for Step 1, you are only entering the name of the LAN Cache, no drive letter, possible path, or \ etc.
2. For Step 2, enter the name of the directory only, without specifying the name of the machine or drive letter.

For reference: http://help.kaseya.com/webhelp/EN/vsa/9050000/#9328.htm