One of the first links I clicked on was the exact procedure I am talking about. This person had some improvements, but the overall was right on. I'm doing the process at 11 yards because I can do that in my house (no wind) and my gun gives one hole precision at 11 yards.
I'll paste the info from the link below:
"Staple a large sheet of paper to your target holder. I just use the back of an A-23/5 target. Haul your target stand out to 50 yards, get it situated so it won't wobble around in the wind, then use a 2' long or longer spirit level and wide-tip marker to draw a perfectly plumb line. Down near the bottom of the line, about 2" above the bottom, use a level (or square) to draw a perfectly level horizontal line. I usually set up a few vertical lines all at once, about 2" apart, then run one long horizontal line across the bottom.
Back at the firing line, shoot groups and adjust your scope until you are sighted in right on the intersection of the horizontal line and one of the vertical lines. Use the lines to align your crosshairs... that way you'll know that the scope is being held perfectly plumb and level even if your mount to the rifle isn't.
Once you're sighted in right on the intersection of the lines, turn your scope's elevation knob at least one complete revolution in the "up" direction. Now shoot another set of groups while still aiming at the same intersection of the two lines; make sure your scope is still being held level by using the lines on the target to align your crosshairs. If your scope is mounted perfectly plumb and level to the rifle this latest set of groups is going to fall right on your vertical line a few inches above your aiming point. If they do not, your scope is not perfectly centered above the bore of your rifle -- which will lead to some cant problems when you try to align your sights on target, especially at long ranges.
If your groups are off the line you need to twist your scope to get them where they should be. First, put a small piece of masking tape on the scope tube, right where it meets the ring. Use a pencil to make a witness mark showing the scope's current alignment with the upper edge of the bottom ring (this one isn't going to move around when you loosen the top half, eh?). Loosen the top half of the rings and twist the scope in the direction of the errant groups. If the groups were right of the line, twist the scope to the right. It won't take much twisting to have a major effect, so go slowly.... a little bit at a time works better than having to see-saw back and forth with large adjustments. Start wtih no more than 1/16" movement of the witness mark, and less would be fine too.
After twisting your scope in the proper direction and getting everything tightened down, turn your elevation knob back "down" to where it was when you started and get sighted in on the intersection of the lines again. Once sighted in there, give the knob at least one complete turn in the "up" direction and czech again. Repeat as necessary.
Once you get your scope perfectly centered above the bore (groups going straight up that vertical line) get your crosshairs lined up with the lines on the target and mount one of those anti-cant, bubble level devices to your scope. "