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The standard income 12-period report included in Sage 50 financial statements divides the fiscal year into monthly periods, allowing users to view each month's data from period 1 to period 12. However, the report does not initially allow for a customizable date range, limiting users to the current period. To generate a report for a prior period, users can change the current period to an open year and run the report. Alternatively, by saving the report with a new name, users can create a custom financial statement that retains the desired settings. This enables easier access to previously saved reports in the list for future reference.