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The Standard Income 12 Period report in Sage 50 is a useful tool that displays your current fiscal year broken down by month from period 1 to period 12. However, the default options do not allow for date range selection, limiting reports to the current period. To generate a report for a previous fiscal year, you can change the current period to a previous one. Additionally, you can create a custom financial statement by clicking the save button while viewing the report, naming it (e.g., "My Income 12 Period"), and it will then appear in your report list, enabling you to retain the customized functionality for future use.