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The standard income 12 period report in Sage 50 provides a monthly breakdown of the current fiscal year from period 1 to period 12. However, it lacks an option to select a date range, meaning it can only run for the current period. Users can change the current period to run reports for one of the open years, but cannot access closed years. To enable this functionality, users can save the report under a new name, transforming it into a custom financial statement. Upon saving, the report name changes and it appears in the report list for easier access.