Converting from Text to Access database

When I first set up my system, I used a text database, as selected in the options, as opposed to an Access database. I think I would like to change to an Access database so that I can get reports printed out etc.

Is it as simple as selecting the other option in the options and the old data will transfer over to an Access database or is there something else I need to do?

Are there any possible problems in making this conversion that I should know about?