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The Standard Income 12 Period report in Sage 50 displays a breakdown of the current fiscal year by month, spanning from period 1 to period 12. However, it lacks an option to select a custom date range, restricting it to only the current period. Users can change their current period to an earlier open year to generate the report for that year, but cannot do so for closed years. To enable the functionality for custom date ranges, users can save the report with a new name, thus creating a custom financial statement. This allows the modified report to appear in the reports list for future access.