General
Formatted Text Area is designed to give the user more freedom to format the text in the Description fields. You can activate this option from the Layout Editor, where these settings are located at the bottom of the page.

Visual comparison of Text Area & Formatted Text area
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How to use Formatted Text Area
After activation you can format the text in the following ways:
Make the text bold
Make the text cursive
Insert link
Insert bulleted list
Insert numbered list