I use a spreadsheet to keep track of my current quilts in progress and quilts I want to make. I have a column for fabric purchased for top, backing, binding, batting, then I can mark when the top is done, when it's quilted and when it's bound. :) How's that for too organized. LOL Your idea is probably much easier and updated better, I tend to forget about mine and don't update it well. :)
Cheers!
Rachel