Adjust the vertical printing position on a label which is printing offset (too high or low)

If your label is printing too high or too low, and your label template is set up correctly you may need to adjust the Label Top to correctly center the print design on the printed label.

The Label Top setting relates to the vertical positioning and acts like a fine tune mechanism to locate the proper default vertical home position.
For example you find that a label format sent to multiple printers vertically locates the image acceptably on 2 of three printers.
You can adjust the LABEL TOP on the remaining printer to correctly align with the other two.
This adjustment is in dots meaning if you have a 203 dpi printhead a change of 203 will move the image 1 inch. 

Label Top can be configured from the printer LCD Display:

1. Access the menu and locate LABEL TOP
2. Change the value "+"  to move the image down or "-" to move the image up.
3. Save the values and print a label to verify the setting.

(from Zebra Support)