Shared folder Virtualbox Ubuntu / Lubuntu

I can see a lot of posts on this but they either don't cover what I'm trying, the OS's that I'm using or (most likely) I'm not understanding them.

I'm using Ubuntu 14, and I have VirtualBox running Lubuntu. I want to create a shared folder.

I've created a folder in the home directory of the host system
I've gone into the VM and in the VM using the menu :

Machine > Settings > Shared Folders > Add New Shared Folder (Icon) 

This opens up the options for choosing a directory - I choose the one that I've just set up on the Host system.

I can't access this though. After rebooting the VM I can't look inside the directory, though it does appear in /media

I've changed the permissions on the folder in the Main System so that anyone can access it, I'm not sure why the VM can't.

Not too sure what to do here..

EDIT

Reading these instructions

I get the following error :

vco@geoHP:~$ sudo mount -t vboxsf -o uid=$UID,gid=$(id -g) share ~/host
[sudo] password for vco:
mount: mount point /home/vco/host does not exist

EDIT #2

After creating a directory called host in my Host's home directory I get the following error :

vco@geoHP:~$ sudo mount -t vboxsf -o uid=$UID,gid=$(id -g) share ~/host
[sudo] password for vco:
mount: unknown filesystem type 'vboxsf'
vco@geoHP:~$ 

EDIT #3

Trying to run the above command from the Virtual Machine rather than the Host system I get the following error :

klak@klakBox:~$ sudo mount -t vboxsf -o uid=$UID,gid=$(id -g) share ~/host
[sudo] password for klak:
/sbin/mount.vboxsf: mounting failed with the error: No such file or directory
klak@klakBox:~$ 

2 Answers

You might have to still Mount it. Try to look into this, the Mount command.

Update: Better yet, try this command.sudo mount -t cifs //ip_of_host/share/path /local/mount/dir

All you have to do is:

sudo usermod -a -G vboxsf _user_

It's all about group permission. Once you have that, you can access the folders. You can see that if you can access such folders under, e.g., sudo ls -l /media/sf_vmShare.

And don't forget to relogin so the new "group" permission will be set.