I've been working this past year to organize my fabric and scraps. Still a work in progress but here's what I have so far - since I don't buy large amounts of yardage, most of my fabric is 1-2 yards and starting to put on foam core boards. If it's at least 1/2 yard but less than a yard, it goes on a smaller foam core board then I know it's less than a yard but still enough to work with.
I haven't bought FQs in a long time so anything smaller than 1/2 yard goes into my scrap bins (plastic drawers I pick up on sale at Joann's). They're labelled for the different colors (some I combine like orange or yellow since I don't use those colors a lot to need separate bins).
Once I've cut a new project, I sub-cut the leftover fabrics depending on how much is left. I have smaller bins for squares and strips (1.5, 2, 2.5 inch strips and a bin for squares 2, 2.5, 3.5, 4.5 inch). Anything smaller but still semi-usable goes into a "strings" drawer so that when I feel like sewing but not thinking, I can grab my foundation paper and just grab these strings and start sewing (smallest string is 1" wide). Got this idea from Bonnie Hunter.
Like I said....working so far.