Jerry,
As advised...practice.
Here's how I do it (almost just as Oscar described).
Get a measuring device, preferably a caliper of any type and set that to your target diameter. Note that with softer wood you might want to make it a bit thicker, they will compress and give you more snug fit during assembly. harder woods are a bit trickier and you need to be closer to the actual size.
I always cut my tenon after turning to dimension and sanding BUT before the final sanding. Mark your final target line. DO NOT cut there...cut about 1/32" into the tenon side. Cut a line with the skew pointy side down (this will raise the wood on both sides a bit). Cut the tenon with parting tool, always checking with the caliper. After the tenon is done, use the skew and cut the extra 1/32" off, without wood on the tenon side, it should cut really easily and not create the burge you had during the initial cut.
Note:
1. While presssing in the center band, stop on the last 1/8" or so and inspect that the band didn't "shave" the tenon. If it did, make sure you clean it before you press it in totally. It won't be easy to clean it and get a nice fit afterwards.
2. IF you over cut the tenon, don't despair, you can easily build it up with thick CA and cut again with parting tool to make sure you have a smooth round surface.
3. Did I mention always measure with caliper?
After that is done proceed as normal. Sand and apply your finish.
Good luck!!!