Upgrading S2Member Pro with different license

Hi,

We had S2Member Pro installed and setup by a contractor who used their license. We now have a problem it has been disabled because it needs to be upgraded to v160120+ and we had to purchase a new license. If I simply enter my new username and password in the wordpress dashboard will it retain all the previous settings or will I need to reconfigure everything?

Any help will be greatly appreciated.
Thanks, Lisa