itunes folder location not recognized as specified in advanced preferences

After upgrading to the latest version of itunes for windows and subscribing to the icloud library, itunes no longer recognizes the folder location specified in advanced preferences. When I click on "view only music available offline" and "my music", nothing shows up although I have over 60 GB of music on my computer in the itunes folder. How do I get itunes to connect to the folder as before?