This command will create a new format with preset default values, and allow you to edit it in the manner described under the Edit Format... command.
After you have created the format to match the labels you will be using, click on the Save button and a dialog box will appear allowing you to name the format and type a comment to associate with it. The comment is strictly for your own use. It appears when you select a format, and will probobly be most useful if you type some kind of descriptive information about the format in it.