Hi, Steve,
Can't their printer driver do that? For example, in the properties for one of our printers, there's a Stamp/Composition tab that has a Watermark selection. There are many available and DRAFT is certainly one of them. This would be much more efficient.
You can can insert an image into the FR but the cell(s) that it occupied would be reserved to print the image only. A watermark isn't possible.
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Regards,
Softrak Tech Support