To print a watermark, you must insert it into a header or footer. The watermark is printed wherever you place it on the page ? it doesn't have to be confined to the area at the top or bottom of the page.
On the View menu, click Header and Footer.
On the Header and Footer toolbar, click Show/Hide
Insert a graphic ? a drawing object such as an AutoShape, clip art, WordArt, or picture ? or insert a text box.