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Your description is pretty much spot on with respect to its shortcomings, but for us its fine. At the end of the year we send all our stuff to a CPA so all we really need to do is track income and expenses, and have it all properly categorized.
I am told it works okay with tax programs, but I have no first hand experience in that regard.
Our personal bank, like yours, does not have an automatic download to iBank. They can, however, give us a file that iBank can import directly and easily. It is more or less the difference between a stick shift and an automatic. This particular issue is, to us, a non-problem. Before we threw our Quicken in the garbage it was having huge problems communicating with the bank. To be honest, iBank, to us, is a pleasure in this regard compared to Quicken.
Our business bank is one of the biggies and it speaks directly to iBank. We don't do that banking here so I only know what my partner tells me. She just started us with a new CPA and she said the program's output is perfectly fine with her.
All in all, as an actual user, I recommend iBank.
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