I am making some edits on an older version of wonderware than the version running on my laptop, if I convert it to the newer version will it still run on the older version?
Probably nope. How old is your old version? And your new version? There was an alarm change at version 7. something. (I've seen older than that in use, on my "stay away from" list.)
Once you've converted to a newer version, there's no going back. I suggest you either update all your copies to the same version, or use WindowMaker on the machine that runs the original version to make your edits, provided you've got a development licence for it of course.