The answer is STILL"not easily."  QB Desktop has this and its very simple.  It has built-in formatting  -- you just pick the Avery label style and it does it.  With QBO you have to generate a report, export it to Excel, then struggle to do a Mail Merge with Microsoft, which is incredibly difficult and not intuitive  (This also use to be easy and Microsift had a Wizard to guide you through it).  I am frickin sick and tired of software companies "upgrading" and making features that used to be easy very difficult.  Why do they feel they have to keep changing things?  Microsoft and Intuit are the worst offenders.