Sometimes you want to create labels for assorted reasons. Files, teacher notifications, etc. Since everyone wants a slightly different set of items on the labels, the best way to customize your own label is to run one of the various reports that contain the information you want, export to Excel and then create a mail merge onto the size label you want to use. If you create a mail merge document, you can save that as a template and use it over and over, saving yourself the step of creating the mail merge itself over and over.
Example: I want to create a label to send out information to teachers / instructors. The best bet is to run the Class Summary Report. Choose your filters, such as the date range to restrict just which classes show, and then export to Excel. Create your mail merge and off you go.
Click here for information on creating mail merges in MS Word: https://support.microsoft.com/en-us/kb/212034