For me, any fabric that enters my door is "IN" and any finished quilt/project is "OUT", but that is how I record for myself. Do what fits you. I record BOM or sew-along- as "OUT' when they are finished. Example I am part of the Boom group here on the QB. I count my fabric as out when the whole quilt is done, done, done. Love that we can tailor this effort to use what is on hand to fit what motivates and is an incentive for us as an individual.