Stationery differs from letterhead in that letterhead simply provides a graphic in your mail memo, whereas stationery can contain a graphic, list of recipients, and information in the body of the mail memo. Use stationery for reports that you generate frequently, such as a customer status report. Use stationery when you want to create a signature or use a graphic for a signature. You can create as many different stationery designs as you like. Stationery is stored in your Stationery view and you can create mail memos using stationery at any time.
There are two kinds of stationery you can create: Memo stationery and Personal stationery. The Memo stationery uses the Mail Memo template, the same template you use when you create an email in Notes.