It depends on what ""macros"" are installed. Early macro implementations of 123 were merely keystroke recordings and while there was some decent branching and looping logic commands included, I don't recall that we were ever able to get that to convert to Excel. Yegads, that was about 20 or more years ago. :-/
At the time, Excel had an early version of a macro language which was derived off of some early flavor of Visual Basic but before the new VBA that we use today. Somewhere in there, Lotus came out with something similar but by that time, we had already moved everything to Excel.
I do remember hours of tearing my hair out, trying to understand how to get Excel to place the cursor at a relative referenced location so that it would function like the old keystroke macros we had in 123 and although I was finally able to get it to work once I found the right commands, it was several more years before I could feel comfortable with it.
tl;dr Most likely, you'll have to rewrite the macros, depending on the version of 123 you're using.