What type of multimeter? Usually, beeps are associated with resistance readings (i.e. short circuits, or <100 ohms). I'm not familiar with meters that beep for voltage readings.
The "beep" is usually know as a "continuity test" and is used for finding short circuits - I think that the OP is saying that they suspect that there is no connection between RD5 and LCD's r/w

Make sure that there is no power to the circuit before testing. Also, some modules don't support reading of LCD screens, so they are tied to the voltage level associated with reading.

Make sure you have read this a few times from top to bottom, taking notes as you go http://www.sparkfun.com/datasheets/LCD/HD44780.pdf