Keeping a contingency or reserve account for emergencies ensures that your company has funds during a financial crisis. Set up the reserve account using the Chart of Accounts feature in QuickBooks. Either set up the account as a subaccount of your main business checking account, or establish a new bank account to use solely as a reserve account. If you open a new bank account, use a different bank to improve the chances of accessing your reserve funds in case of a bank hold, dispute, seizure or levy.
Open a new business checking or savings account at your preferred financial institution.
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Open "QuickBooks," select the "Lists" menu and "Chart of Accounts."
Click "Account" in the Account list and click "New." Click "Continue."
Select "Bank" and enter "Reserve" in the Account Name field.
Enter the account number, description, the bank's phone number, an appropriate tax line and the opening balance of the account. If you're making the account a sub account of an existing account, check the "Subaccount of" check box and select the parent account from the list of options.
Select "OK" to save the account. If you created a sub account, click "Next" and add a new sub account called "General" so that you see the total money available in your General and Reserved fund accounts more easily.
Click the "Banking" menu and deposit any funds to put in the reserve fund from an appropriate account. Select "Ask My Accountant" if you are unsure of the account to use for your reserve fund. Type "Reserve" in the Memo box. Click "OK."