I use the 8x24 ruler and wrap pieces greater than a yard around them. Most pieces I fold in half twice first, but I have space for the 22" single folds so I do that with the 3yd+. For anything less than a yard, but FQ or larger, I fold so it is about 11" wide (1/4 WOF) and fold it around a 4x12 ruler. I put them on shelves by color (until I start a new project when I have a tendency to grab a little bit of everything). I break the color rule for holiday fabrics, since I put them in bins or cupboards together.
My scraps go in a bin until I get the time to cut them into squares or strips (I try strips first since I can always do squares from strips).
Enjoy your stash!!!