I am not trying to do any QOS,traffic shaping or rate limiting all I want to do is stop an IP when a bandwidth limit is reached.
I found this is in the wiki.

http://wiki.mikrotik.com/wiki/Limiting_ ... traffic_II

My question is...

This is from 2010, is there a newer or better way to go about setting data limits on users/IP.

http://wiki.mikrotik.com/wiki/Limiting_ ... traffic_II

That way is fine except that a reboot/power failure will reset all stats. The example is on a daily basis, so this is probably fine, but if you wanted to keep track over a longer period, you might look into using the hotspot feature or the user manager. There might be another way to script it... ?