Will files from QuickBooks 5.0 for Mac easily transfer to a new download of QuickBooks 2011 for Mac?

Since Lion doesn't support very old QuickBooks 5.0 installed in 2003, will installing the latest QuickBooks for Mac 2011 open up the old files?  If not, any suggestions? Thanks.

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Reset Preferences
http://forums.adobe.com/thread/375776
1) Close the program and press Ctrl+Alt+Shift/Cmd+Option+Shift during startup (not reversible)
or
2) Move the Folder. See:
http://www.bugge.com/Family-and-friends/Illy/illy.html
--OB

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