I am currently using a third party theme not from wpmu_dev

Hi,

I am currently using a third party theme not from wpmu_dev and the developer released a new update of that theme. Since I have never updated a theme before I was wondering how to accomplish this task. I also have a child theme made out of it and I am using that.

Should I just replace the folders from old theme to new theme in the themes folder?

Thank you for your assistance.