On the SSRS server machine where you have .NET BC installed, check the following:
1. Check Microsoft.Dynamics.BusinessConnectorNet file version in :\windows\assembly folder (GAC). To do this, right-click on the file, select Properties then select the Version tab. Make sure it's the same version as your AOS version (ax32serv.exe)
2. Make sure that the SSRS service account is the same as your Business Connector Proxy account in Dynamics AX.
3. Check the Dynamics AX client configuration for the Business Connector (non-interactive use only) configuration and make sure it points to an active AOS in the Connection tab. (Administrative Tools> Microsoft Dynamics AX 2009 Configuration)
4. Copy the Business Connector configuration to the desktop and double click on it to launch Dynamics AX. This will validate that the configuration is good
5. Check the Application event log on the SSRS server to make sure you do not see other errors as to why Business Connector is not able to connect to the AOS. Sometimes, the error in the event log indicates that the client path is incorrect. For example, it might try to launch the AX client from \Program Files\Microsoft Dynamics AX\50\Client\Bin instead of \Program Files (x86)\Microsoft Dynamics AX\50\Client\Bin on a 64 bit server (this is related to the next item listed) .
6. If Business Connector proxy account is also a user in Dynamics AX, login to this server as the Business Connector proxy account and validate you can launch Dynamics AX successfully as the Business Connector proxy user using the active Dynamics AX client configuration (not an axc file). Sometimes, the Dynamics AX config file for the Business Connector proxy user is not set up correctly in the registry (HKCU/Sofware/Microsoft/Dynamics AX/5.0/Configuration). You will receive an error message that indicates the path to the Dynamics AX client is invalid if the issue is related to the previous bullet point when trying to launch the AX client (ax32.exe)
7. Verify you can browse to the Enterprise Portal site or Reports Manager site successfully and that you do not see an Internet Explorer (IE) connection error. If you do see a connection error in IE, check to make sure you have marked the Automatically detect settings check box for your proxy setting in IE. To do this, click Tools, click Internet Options, click the Connections tab, and then click LAN Settings. Click to mark the Automatically detect settings check box.
8. Make sure you have the Enterprise Portal Framework lincense. To verify, Click Administration, click Setup, click System, and then click License information. Click the Web tab, and verify you have Enterprise Portal Framework License (you should see ******* in the License code column.)