This is a problem not documented by APC but there is a solution available.
You must have a Smart Signaling cable (Serial Cable). Unplug USB (If used) from APC Device, Plug in Serial Cable.
Step 1 : Close power chute software and stop the APC UPS power chute service.
Step 2 : Open HyperTerminal client.
Step 3 : Setup a connection with the name of your choice with the following settings : 2400 Baud, 8 data bits, 1 stop bit, no parity, and flow control to Xon/Xoff.
Step 4 : It will start a connection with an open and empty window. Press “Shift + Y”. it will reply SM
Step 5 : Press “1” with a two second pause in between. It will respond back PROG.
Step 6 : Press “0” it will display back a two character state. A perfect running APC UPS state is “8C”
Step 7 : Press and hold the “-“ key to cycle through the states until you have “8C” selected.
Step 8 : Press “Shift + R” to set this setting to your UPS. The prompt will say “BYE”.
Step 9 : Press “Shift + Y” again and the “0” to confirm your UPS state is “8C” the Press “Shift + R” again to log out.
Step 10 : Close HyperTerminal and open Power Chute this should show proper runtime and clear the error.