Asset Acquisition Wizard
The Asset Acquisition Wizard provides a guided, step-by-step process for creating new asset records. It breaks the asset creation process into five clearly defined steps, validates your input at each step before allowing you to proceed, and presents a final review screen where you can confirm everything before saving. This wizard is ideal for new users or for complex acquisitions where you want extra confidence that all fields are correct.
When to Use the Wizard vs. the Manual Form
AccuArk provides two ways to create assets: the Acquisition Wizard and the Asset Master form (Assets > New Asset). Both create the exact same asset record. The difference is in the user experience.
Use the Acquisition Wizard when:
- You are new to the asset management module and want guidance
- You are creating a high-value asset and want validation at each step
- You want to see a summary review before committing
- You prefer a structured, step-by-step workflow
Use the manual Asset Master form when:
- You are experienced with the system and know which fields to fill in
- You want to enter data quickly on a single screen
- You are entering many assets in succession and want speed over guidance
How to Access
Navigate to Assets > Acquisition Wizard from the main menu bar. This opens the Acquisition Wizard form.
Required Permission: Create Assets. Users without this permission will not see the Acquisition Wizard menu item.
Step 1: Basic Details
The first step collects the fundamental information about the asset. All fields on this step are labeled clearly and include placeholder text or tooltips to guide you.
| Field | Required | Description |
|---|---|---|
| Asset Name | Yes | A descriptive name that identifies the asset. Be specific enough that the asset can be distinguished from similar items in the register. |
| Category | Yes | Select from the list of configured asset categories. This choice determines the default depreciation settings and GL accounts that will be pre-populated in later steps. |
| Location | Yes | The business location where the asset will be assigned. Only locations you have access to appear in the dropdown. |
| Assigned Employee | No | Optionally assign the asset to a specific employee at the selected location. |
| Serial Number | No | The manufacturer's serial number for identification and warranty purposes. |
| Manufacturer | No | The name of the asset's manufacturer. |
| Model | No | The model name or number. |
| Description | No | A free-text description providing any additional details about the asset, such as color, size, configuration, or special features. |
Click Next to proceed. The wizard validates that Asset Name, Category, and Location are filled in. If any required field is missing, a validation message appears and you must correct it before moving forward.
Step 2: Costs
The second step captures all cost components that make up the asset's capitalized cost.
| Field | Description |
|---|---|
| Purchase Cost | The base price of the asset. |
| Shipping Cost | Freight or delivery charges. Enter zero if not applicable. |
| Installation Cost | Professional setup or installation fees. Enter zero if not applicable. |
| Other Capitalized Cost | Any other capitalizable costs such as permits, testing, or site preparation. Enter zero if not applicable. |
| Acquisition Date | The date the asset was acquired or purchased. Defaults to today's date but can be changed to a past date if you are registering an existing asset. |
As you enter values in the cost fields, a Running Total display at the bottom of the step updates in real time to show the sum of all cost components. This total will become the asset's capitalized cost.
Click Next to proceed. The wizard validates that the purchase cost is greater than zero (an asset must have some cost to be capitalized). The acquisition date must also be a valid date that is not in the future.
Step 3: Depreciation
The third step configures how the asset will be depreciated over its useful life. If the category selected in Step 1 has default depreciation settings, these fields are pre-populated.
| Field | Description |
|---|---|
| Depreciation Method | Select one of five methods. The wizard displays a brief explanation of the selected method so you understand how it works before committing. |
| Useful Life (Months) | The expected number of months the asset will be in service. |
| Salvage Value | The estimated residual value at the end of the useful life. |
| In-Service Date | The date the asset will be (or was) placed into service. Depreciation begins from this date. Defaults to the acquisition date from Step 2 but can be set to a later date if the asset needs setup time before going into service. |
Method Explanations
When you select a depreciation method from the dropdown, a description panel below the field shows an explanation:
- Straight-Line — Divides the depreciable base (capitalized cost minus salvage value) evenly across the useful life. This produces the same expense amount each month. It is the simplest and most commonly used method.
- Declining Balance — Applies a fixed percentage to the remaining book value each period. This produces higher expenses in the early years and lower expenses as the asset ages. The rate is calculated as a percentage of the straight-line rate.
- Double Declining Balance — Works like Declining Balance but uses twice the straight-line rate. This produces even more aggressive front-loaded depreciation. The method switches to straight-line in the final periods to ensure the asset reaches salvage value.
- Sum-of-Years-Digits — Uses a fraction where the numerator is the remaining useful life and the denominator is the sum of all years. Like declining balance, this is an accelerated method that allocates more expense to the early years.
- Units of Production — Bases the depreciation expense on actual usage (for example, hours operated, miles driven, or units produced) rather than the passage of time. This method requires you to enter the estimated total lifetime units and the actual units consumed each period during the depreciation run.
Click Next to proceed. The wizard validates that a method is selected, the useful life is greater than zero, and the salvage value does not exceed the capitalized cost.
Step 4: GL Accounts
The fourth step assigns the general ledger accounts that will be used when posting depreciation and disposal entries for this asset.
| Field | Description |
|---|---|
| Asset Account | The fixed asset account on the balance sheet where the capitalized cost is recorded. |
| Accumulated Depreciation Account | The contra-asset account where depreciation accumulates over the asset's life. |
| Depreciation Expense Account | The income statement expense account where each period's depreciation is charged. |
If the category selected in Step 1 has GL account defaults, all three fields are pre-populated and you may not need to change anything. The wizard displays a note indicating that defaults were loaded from the category.
Each field is a dropdown listing accounts from your chart of accounts, filtered to show only appropriate account types (asset accounts for the asset field, contra-asset accounts for accumulated depreciation, and expense accounts for the depreciation expense).
Click Next to proceed. The wizard validates that all three GL accounts are selected and that no two fields use the same account.
Step 5: Review and Confirm
The final step presents a summary of everything you entered across the previous four steps. The review screen is organized into sections that mirror the wizard steps:
- Basic Details — Asset name, category, location, assigned employee, serial number, manufacturer, model
- Costs — Purchase cost, shipping cost, installation cost, other cost, total capitalized cost, acquisition date
- Depreciation — Method, useful life, salvage value, in-service date
- GL Accounts — Asset account, accumulated depreciation account, depreciation expense account
Review all values carefully. If anything needs to be changed, click Back to navigate to the relevant step and make corrections. You can move back and forth between steps without losing any data.
When you are satisfied that everything is correct, click Finish to create the asset.
Approval Workflow
If your organization has configured an acquisition approval threshold in Assets > Settings, the wizard checks the total capitalized cost against the threshold when you click Finish.
- Below threshold: The asset is created immediately in active status. The wizard displays a success message with the assigned asset number.
- Above threshold: The asset is saved with a pending approval status. The wizard displays a message explaining that the acquisition requires approval and has been submitted to the approval queue. A manager with the Approve Assets permission must approve the request before the asset becomes active.
Regardless of the approval path, the asset record is created and visible in the Asset Register (with its pending status clearly indicated if awaiting approval).
After Completion
Once the wizard finishes successfully:
- An asset number is generated automatically based on the numbering format in settings
- The asset appears in the Asset Register with all details populated
- A "created" event is logged in the asset activity log
- The Asset Dashboard summary cards update on next refresh to include the new asset
- If the asset has a warranty end date, it will appear in warranty expiration alerts when appropriate
The wizard closes after completion. To create another asset, open the wizard again from Assets > Acquisition Wizard.
What to Read Next
- Adding an Asset Manually — Faster single-screen asset creation for experienced users
- Viewing and Searching Assets — How to find and open assets in the Asset Register
- Using the Asset Dashboard — Monitor your asset portfolio at a glance
- Introduction to Asset Management — Overview of the module and key concepts