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The "Standard Income 12 Period" report in Sage 50 is a useful tool that displays the current fiscal year broken down by month (periods 1 to 12). However, it lacks the option to select a specific date range, limiting users to only current periods. Users can work around this limitation by changing the current period to an earlier open year, but closed years cannot be accessed. To enable custom functionality, users can save the report under a new name, creating a custom financial statement. This allows them to retain the report with the desired name and access it from the list of reports.