If you’re a Quicken user there’s no doubt that you’ve been disappointed over the last several years with diminishing value in what was once the preeminent personal finance application on the Mac. IGG Software is set to fix what ails you. iBank 4.1 is a powerful and easy-to-use personal and small business finance application that is constantly being updated, offers a useful set of features, and, most importantly, is designed by developers who seem hell-bent on pleasing their customers and adding new and better features to their application.

In answer to your first question: Yes, iBank can import all of your old Quicken data, with the exception of Quicken Essentials ( ), which cannot export data in the QIF, OFX, and QFX data formats that iBank supports.

iBank also offers a unique way of helping you get your banking data into your iBank account. While iBank supports direct download from many banking institutions, none of the banks I use are supported using iBank’s direct download feature. As an alternative, iBank uses a feature called Web Download, which lets you log into your bank’s Web banking site and download and import your transactions from within iBank. Once you set this feature up, all you need to do is select the account from your accounts list and press iBank’s Web Download button. iBank then opens the appropriate Web banking page where you log in and select the transactions that you’d like to download. Once the download begins iBank automatically imports your banking data. I found this feature to be amazingly easy to use and a massive improvement over the typical multi-step import process you need to go through with most banking applications. Plus, once your accounts are setup on your Mac it’s easy to link and sync them with the iOS iBank applications.

When it comes to manually entering transactions, iBank works in the same way that you expect from applications of this sort. You simply hit a plus button to add a new transaction and then enter the details. If you’ve already entered a transaction from a particular vendor, iBank will automatically fill in the details from the last transaction. Easy, although I do have one complaint. Most personal finance applications allow you to press return or shift-return to easily flip between transactions. iBank forces you to either use your mouse or the arrow keys to move around. I know, sounds like a niggling complaint, but I found it to be enough of a hassle to make mention of it here.

iBank 4 adds a new envelope style budgeting feature that is similar to what you’ll find in applications such as Snowmint’s Budget and, my personal favorite, MoneyWell. The idea is pretty simple and works quite well (just ask your grandma). For each budget item you create iBank sets up a new envelope. When you receive income iBank distributes that income into each of the envelopes. When you spend money iBank pulls that money out of the envelope. If you overspend in one area you can borrow money from one envelope and put it in another. To my mind, envelope budgeting is one of the best tools available (if you can stick to it) for making sure that you don’t overspend.

There are also a couple areas where iBank could stand to improve. First, during the initial account setup I attempted to import a CSV file. CSV files are supported and work well once an account is already set up, but during the initial account setup process the CSV import failed with no error messages. Second, iBank allows you to track stock portfolio information, but the application’s capabilities are fairly limited and not likely to be useful beyond very general investment tracking.

Macworld buying advice

iBank is an excellent personal finance application that should easily replace any application you’re currently using. Beautifully designed and easy to use, iBank offers you almost everything you need to track your personal finances with a minimal amount of hassle.

[Jeffery Battersby is an Apple Certified Trainer, (very) smalltime actor, and regular contributor to Macworld. He writes about Macs and more at his blog.]