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The standard income 12 period report in Sage 50 provides a monthly breakdown of the current fiscal year, displaying periods 1 through 12. However, it lacks an option to select a specific date range, limiting users to the current period. To view data from a closed year, users can revert the current period to an open year but cannot generate reports for closed years. A workaround is to create a custom financial statement by saving the report under a new name, such as "my income 12 period." This action allows the report to be named and logged in the list for future reference and usage.