If the graphic is wrapped, a caption will be inserted in a text box, which
will NOT be seen by a Table of Figures (except in Word 2007). For that
situation, it is preferable to insert both the figure and the caption
inline, then select both and insert a frame. You can wrap text around the
frame. You won't find Frame on the Insert menu in recent versions (unless
you've added it, as I have), but you can find an Insert Frame button on the
Forms toolbar.
--
Suzanne S. Barnhill
Microsoft MVP (Word)
Words into Type
Fairhope, Alabama USA
http://word.mvps.org