When i open itunes the warning itunes Library.itl appears with the following message. ..."it cannot be read because it was created by a newer version of itunes. after checking software updates we have the lastest version.  What to do?

when i open itunes the warning itunes Library.itl appears with the following message. ..."it cannot be read because it was created by a newer version of itunes. after checking software updates we have the lastest version.  What to do?

Perhaps check to see if you're accidentally running two different versions of iTunes. There's some information on troubleshooting that in the Opening iTunes section of the following document:
Troubleshooting iTunes installation on Mac OS X

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