No, each item must be processed individually. A macro could be used to automate the process, though, provided there is a consistent relationship between the figures/tables and their captions.

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Cheers,
Paul Edstein
[Fmr MS MVP - Word]

Many thanks for your quick reply. I was afraid there was no other easy way (I have no experience writing macros). Hopefully MS will add this functionality in a future version of Word; it would definitely be handy for editors.