How to record purchases

Hey there, smjplumb.

Thanks for dropping by the Community today. I'm happy to help. What you're going to want to do is record the ceiling fans as expenses if they're for your business. To do so, you can follow these steps below if they were purchased with Petty Cash or Cash on hand. 

You'll want to make sure that you have a Petty Cash or Cash on Hand account (it's the same with Bank account detail). This is where you'll get the funds to pay the expenses. 

1. Click on Banking. 
2. Choose Write Checks.
3. Choose the Petty Cash or Cash on Hand in the Bank Account drop-down.
4. Enter the information.
5. Click on Save & Close.

You can also reach out to our support team for further instruction. I would also recommend reaching out to an accountant, they would be able to guide you on every transaction and expense and how to record them in your account so everything is accurate and as it should be.

Thank you for your time and I hope you have a nice day.

Edit: be careful if you follow the advice of @Nick_M simply due to the fact that attachments to a building are considered part of the building especially during the construction phase

Due to the admitted fact that this barn is not 100% business you will have to allocate between business and personal by percentage of square feet used. You also get to allocate a portion of property taxes from your personal house to the new barn, presuming the new barn is behind your residence.

Lighting/fans is considered part of the barn, as is the wiring, windows, walls. You add the cost of the fans to the asset value of the barn and depreciate the business percentage of the full asset amount.

Also included in the barn book value would be architect fees, building permits, appraisals, and anything permanently attached to the structure. Cost segregation tactics would allow for treating HVAC and parking lot as srparate assets, for example, with shorter depreciation schedules. I believe you are looking at a 39 year depreciation on your barn 

I have included a link to "Depreciation 101" https://www.irs.gov/publications/p946