How to Resolve QuickBooks Error 80070057 (The Parameter is Incorrect)?

QuickBooks error code 80070057 is usually seen when the QuickBooks accounts manager creates the company file in QuickBooks 2014, and when the user tries to open the same file it doesn’t open. Each time the user tries to open the same file within QuickBooks 2014, an error message shows up that tells that the file was created in the earlier version. 
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