Squaring up fabric straight off the bolt is a whole lot easier then squaring up fabric once it's been washed. Here's how I squared up the fabric after I washed it.
I folded my fabric matching up the selvages first. I then folded it in half again.
All wrinkles should be smoothed out.
I then lined up the vertical lines on my ruler with the folded edge.
I cut off just the frayed edges of the fabric. (waste not, want not)
If you're ambidextrous you should be able to make the next cut without flipping the fabric. But since most of us aren't ambidextrous I flipped the fabric. I then measured in 3" with my ruler and cut my first strip. If you are cutting more than one strip you will repeat this step for as many strips as you need.
If you did this right, when you open your strip it should be straight and not wavy.
I'll be taking the top fabric and the bottom fabric for the exchange. But I'll also be bringing the two in the middle as extras - because we're allowed to do that. :-)
In case you didn't read the post about the exchange, everyone is welcome to come to the meeting. It starts at 6:30 and goes till 8. Bring a Fat Quarter if you'd like to be entered in the fat quarter drawing.