[WPalank]

Speenth,
You did not mention which software you use for the above procedure. Here is how I do it with CS3. Virtually the same in CS2.

Your image is open and you have done everything besides final sharpening. That should always be done right after you have resized the image and decided it is for the web.

Go to Image> Image Size and put in the longest dimension in the correct box (width or height) and make sure the little drop-down menu says "pixels". (See my first image below. ) Also, make sure "Bicubic Sharper" is selected in the lowest dropdown menu when making the image smaller. Hit OK. If the image becomes really small just go to the tool bar and double click on the magnifying glass tool and your image will automatically resize to 100% Now do final or output sharpening.

Next go to File > Save for web and devices. Go to the the little arrow I have circled (Second Image below) and you will get a flyout menu as is illustrated. First make sure "Convert to sRGB is checked (as illustrated below). Then select "optimize to file size" and you will get a dialogue box where you simply put in the number 235 (a bit below the forums 240 KB maximum just to make sure). Hit OK and then Save. You will get a dialogue box asking you where to save the new Forum jpeg. Your new jpeg will be in sRGB (best for web) and 72 ppi automatically.

Note: Many Forum members will tell you to fool with slider until you get around 79 quality. Why? By putting in 235 in the above box Photoshop will automatically select the absolute highest quality for your image possible.
Now all you have to do is upload (make sure you remember where you saved the jpeg.
Hope this helps!