Rabbeting
A rabbet is simply a rectangular recess along the edge or end of a piece of material. It is a common joint in cabinet casework, but is also used in recessing cabinet doors in face frames, as a recess for holding artwork or a mirror in a frame, in a molding application, or for half-lap or shiplap joints. By adjusting the height of the bit and the size of the bearing, you should be able to get just the right size that you need.
For assistance in determining depth of cut & bearing sizes, click HERE.