Agree to the update and your document will be ready to work with the update. The first time you launch the application, you may be asked to update or upgrade your document.
If CheckBook doesn't appear in the list, go to the Store menu and be sure you're signed in with the same Apple ID used for your purchase. Get the update macOS Mojave 10.14 and later, including macOS 10.15 Catalina and macOS 11 Big Sur