Colletta-I was "taught" that a quilt isn't finished until it has a label on. So, I guess I have some quilts that STILL aren't finished!
My favorite way to make a quilt label is on the computer. I have downloaded hundreds of fonts (for free) onto my computer and I pick one that suits the style of my quilt and its recipient. Then I type up what ever I want the label to say. I also add simple graphics if I desire. I print it out on paper, then trace onto "freezer papered" fabric using a pigma micron pen (they come in lots of colors and several sizes and you can buy them at Michael's or your LQS) and a light box. Sometimes I sew a fabric border onto my label with fabric left over from my quilt front.
I have a quilt journal that I started about 3 years after I started quilting. I went back and documented all my quilts. I write all about the quilt, what inspired me to make it, when I started and finished it, who it was for, where I bought the fabric, the finished size of the quilt, etc. I add pics of the quilt and one with the recipient. Sometimes I also include pieces of the fabrics. It is fun to go back and look at how my tastes have changed, how my quilting has improved, etc. I recommend a quilt journal to everyone.