At our company, we have various application projects that we work on and then we also have libraries that those projects need to utilize. I feel the need (based on some similar question that have been asked) to say that none of these libraries are from a 3rd party, and that we design all of them in-house. Currently we do not control the version of these libraries whatsoever. We just plug all of the libraries that we need into the new application we are developing at the time, and just forget about it.
I don't think that this is the right approach. That being said, we do track the version of all of our application projects regularly through the use of Git. I am thinking that there must be a way to make sure that these stand-alone libraries are properly controlled.
What I am thinking to do is, have all of the libraries as there own repositories on our drive then just have a clone of each repository within the application working directory.
Is my proposed plan okay? Or, should I not have revision control on these libraries in a stand-alone manner, then just check them into the application's repository? Something else?