I am in a new position as Director, IT Finance for a private company that consistently works on internal IT projects with both on-premise software and SaaS (more and more) often, mostly with Waterfall methodology. We capitalize internal and external labor as part of these projects through all phases of the project as well as any hardware / software purchased as part of the project. I would like to strengthen and formalize our policies around capitalization of projects. Is anyone able to share their companies companies policies?
This can be built pretty quickly without accessing documents internal to a company. May I suggest connecting with local chapter for folks who may want to roll up their sleeves to help, or even help close any specific gaps you may have? Sorry can’t be of greater help at this moment.
I concur. This is pretty simple to put together a policy based on the accounting literature. Shouldn't take more than a week to write a policy and develop a template for individuals to track time and send to accounting department to capitalize the time.