In some versions of Word, users are unable to insert cross-references with "above" or "below", as appropriate. Using Word 2016, I have demonstrated and discussed the issue on the Microsoft Community Forum: https://answers.microsoft.com/en-us/m...
The solution is to place the figure and caption inside a one-cell table, and position the table as needed.
You can vote on whether this bug should be fixed in a future update to Word. Issues with more votes get higher priority, and are more likely to get fixed: https://word.uservoice.com/forums/304...
00:22 Outline view (levels and headings)
03:28 Styles (fonts, spacing, indents, format painter, keep with next)
07:28 Non-breaking spaces, hyphens, and newlines
08:43 Page breaks (creating a title page)
09:36 Headers and footers
11:22 Tables
12:36 Equations
13:04 Figures (insertion, wrapping, arrangement)
15:10 Captions (cross references, fields, table of contents)
18:30 Columns
18:55 Track changes