Here's a quick run through on how to make a folio like the one I'm using for my December Daily this year.
When I put this one together I decided to change it slightly from the Paislee original (pink) and cover the bookcloth tape on the inside (green). There's a sticky moment with red tape and glue stick at the end but I think it looks more finished.
Step 1: cut your chipboard to size. I wanted my folio to be slightly larger than the PL-sized cards, so my cover pieces are 3.375" wide by 4.25" tall. The spine is 0.75" wide to accommodate the .5" thick stack of this day in december cards. The chipboard I used was the backer on a notepad so it's nice and thick. Round the corners if you want and then cover the front/back pieces with patterned paper or fabric. You don't need to paper the spine since it'll be covered by the bookcloth tape.
If you want to leave the bookcloth exposed on the inside (like the pink folio) then cover both sides of your chipboard. If you want to cover the bookcloth inside (like the green folio) leave the insides bare for now. I used a glue stick to adhere the paper to one side, let it dry and then carefully trimmed off the excess with a pair of small scissors and my exacto knife. On the green folio, I used HeatnBond to adhere fabric to my covers.
Step 2: cut a piece of bookcloth tape long enough to wrap around the chipboard covers and overlap by about 1"
Step 3A: center the chipboard pieces on top of the bookcloth tape, leaving about an 1/8" gap between the pieces. That space forms the "hinge" when it closes. The thicker the chipboard you use, the wider the gap needs to be. You can test it just by folding up one of the covers and making sure it doesn't hit the spine.
Step 3B: based on the positioning above, mark the covers at top and bottom to use as guides when you attach them to the bookcloth tape.
Step 4: expose the adhesive on the bookcloth tape and carefully position one of the covers using the guides as reference. Place the cover a little below center on the bookcloth tape so that when you fold the tape over, the overlapping seam is towards the bottom of the folio.
Step 5: after the first cover has been adhered, place your ruler along the top edge so that you can butt the other pieces up against it, ensuring they're aligned perfectly. Press down firmly.
Step 6A: after all three pieces have been positioned on the bookcloth tape, fold one side of the remaining tape over the edge, carefully pulling it taut and smoothing it down. Try to line it up with your guides.
Step 6B: fold the other end over and smooth it down, pressing firmly along the edges.
Step 7: use a bone folder to further smooth down the tape and score the crease (hinge) on both sides. (What you're seeing above is the front of the covers.) If you are leaving the bookcloth exposed inside and have already covered the insides of your folio (pink version), skip down to step 9.
Step 8: adhere your patterned paper to the insides of the cover using glue stick and red tape where the paper overlaps the bookcloth. Wait for it to dry then trim using scissors and an exacto knife. Here's what it looks like finished.
Step 9: the last step is to add the elastic band. I made my holes .75" from the top/bottom and sides—it's a little further in than the pink version but should help hold the cards in better.
Depending on the thickness of your chipboard you may be able to a small hole punch (micro punch). If it's too thick, you can use a paper piercer instead. The hole just needs to be big enough for the metal tip of the elastics to fit through. I had to do a little pushing and shoving but the smaller hole actually holds the bands in place better than the 1/8" hole punch I used on the pink folio.