Afer applying the update and restarting, QR issues an error message in the log:
Incompatible version of helper installed
Helper did not start
Process Exception
Version: Helper-1.1.0b7-Jun 16 2008
Response: BADVER

then a series of messages about reinstalling monitor, not connecting to scheduler...

This indicates a mixed installation of old and new components.

Start QRecall and uninstall it (hold down the Option and Shift keys and choose QRecall > Quit and Uninstall).

Start it again. Open the QRecall > Preferences and reauthorize.

If that still doesn't fix the problem, download a fresh copy of QRecall, uninstall the old one (using Quit and Uninstall), replace the old QRecall with the fresh copy, then launch the new one and reauthorize.

Let me know if that fixes the problem.