I believe what you're seeing here is the product working correctly. If a software product is recognized by ZENworks inventory, then the executable associated with the product is not listed in the software files data. Indeed, the discovery of a product in a particular folder should exclude any executables found in that folder from the software files scan. Effectively, the business rule for this case is "We found the product, so the executable itself is not relevant." The main reason to report an executable is for the creation of a local product, which you would not want to do in the case for the product discovered by inventory. So that covers your V5 situation.

As for V4, unless that version cohabits with V5 the executable should appear in the listings. Some manual inspection of a device known to have the V4 software installed is in order. You might also try modifying your report definition to not search for particular devices, but instead search for the relevant VRB Company.

As a side note, the list of "Skip Directories" appears to be the default list that ships with the product. Scanning into this list will generate false positives due to the way that Microsoft saves copies of executables all over the place, bumping up against the way ZENworks recognition works. I'd have to see the bottom of the Skip list to determine if anything has been added by one of your administrators.