pcbjr wrote:
In the same boat (Quicken 2007) and have not tried iBank yet (lack of time at present, and unfortunately wasted what time I had by trying some others which were not satisfactory). But I'm going to need to switch.
Since you're testing, when convenient can you advise whether iBank produces and Income and Expense Report like Quicken 2007 does, with suffient detail to give to the CPA at the end of the year for small business income tax preparation?
First report I added I looked at and a coule pie charts popped up. I said humm I need more than that, scrolled and saw a break out by categorey. Then noted that when I rolled over category the area of the pie chart highlighted. Same if I rolled over pie chart area category highlighted. Then I clicked on pie chart area and INSTANTLY I received an item by item breakout.
Next I did add a report and put in some paramenters report was made and report indicated in left box area but results were not really what I had wanted. Click on report name and can reset parameters easily choosing click boxes etc. Seems like you almost have to make report by selecting vcategory then edit it to get what you want but then reports FAR SUPERIOR than anything ever produced by QUICKEN 7. The whole IBANK experience has been FAR SUPERIOR to Quicken 7. Small things like simply being able to slide a little bar on screen to make report size larger on screen. HUge things like being able to get results from registers by search instantly. Want to know what checks you wrote to mortgagae bank, no more report required for multiple finds, no more search box, backwards, item by item. Simply type anything to identify in register search box and just like FINDER results start appearing instantly.
Backup, designate where after that simply click on backup button. Plus no more multiple backup files placed accumulating.
Not really downside but ONLY, I won;t even say bad things just odd or different things. After you import and when you start a new account you identify account as savings, investment, checking, and such. You cannot edit that choice once done by simple edit you must start a new account and then cut and paste. I didn't mis-identify an account but considered changing status from cash to assett and was a bit surprised that I couldn't actually change that. A quick run to the manual and advised about cut and paste. Since this is not something you really normally need to do unless you make error at initial creation of account not really a big deal. At import accounts are identified but you are asked to verifiy each initially.
The other small area, investments, I was used to having a separate portfolio box. Here I was presented with the register but no portfolio representation showing current positions, share price, current quote etc. I was also used to clicking on the symbol in there and manually adding days end information like volume and hi low etc and having my own record of thoses number. also selecting from that drop box area transactions etc. So found PORTFOLIO SUMMARY Report already exists clicked on that and got current positions. But how to enter current price....hit button Get Quotes and it gets quotes online from wherever and updates report. Report give you gain/loss etc etc and can be edited for way you want. BUT my history record no where to be found so far but really, not a problem, plenty of places such as Yahoo Finance, my broker account, etc to get history of prices and use that more anyway since they account for splits and how presented far better than any finance program. As far as my own transaction I simply have to type symbol into my register and instantly get all transaction results in front of me in order. There may be ways to get other info anyway and I haven't foudn it but no impediment realy this way.
Only thing I might miss a little in that I might have to actually do some math is that in portfolio view box on Q7 easy to enter a quote and see what gain or loss would be at a certain price to make a trade decision. Can do that easy enough on the side...
So YES I believe you will have no problem at all generating any report you might need for your accountant. In fact once you get hang of report operation in IBANK you will probably be able to produce far nicer reports on top of that.
I stopped entering into Q7 after first or second day using IBANK exclusively without problem. I BU on time mavchine and use carbonite as off site back up so Q7 is history on my machine with back ups resting comfortably both areas just in case but I really have no concern.
I purchased IBANK from APP store so that I could easily download it to my Mac Pro and use it when I travel. I did that, put it on Mac Pro as well without my data. Then as I do, copied my Ibank data file and opened it on Mac Pro no problem at all. I don't leave data on laptop, it is there only when I need accounts with me. Another plus Q7 you always were a little leery about data files and where they were. I would remove file and finf that Q7 would still have data in there and open it on laptop. hen I would have to search and find it to make sure wasn't still there if, heaven forbid, laptop was lost. Ibank file readily found and only in one spot.
What else can I say, I am a convert to Ibank and consider that Intuit did me a large favor forcing me to stop using their product.
I do have to research if any size limititations but i doubt it I have 19 years of data imported without problem. I guess I could loose a couple years of it if I had to hahaha.
Just took a quick look at manual ( 461 pages to play with if interested but pdf and searchable ) didn't see any limits, did see lot's of things about reports Ihaven't scratched surface of. Report ability appears to have far more ability than my meager need requires. Far more than I want to read too 🙂 but my reports pretty intuitive to set up.
Finally for all remember I do not download form my banks preferring to manually enter transaction and then reconcile my entries with banks entries so cannot comment on that area of Ibank. Isee it gets quotes from yahoo finance which is no problem.
George in NY
