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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 only allows running for the current period without a date range option. To analyze a closed year, you can change the current period back to an earlier open year. To enable custom functionality, save the report with a new name, transforming it into a custom financial statement. Naming it, for example, "my income 12 period," will update the report name and add it to the list for future access.