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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 the option to run for a specific date range or a closed year, limiting it to the current period. To enable this functionality, you can create a custom financial statement by clicking the save button and naming the report (e.g., "my income 12 period"). This action updates the report name and adds it to the report list, allowing for easier access and customized reporting options in the future.