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The "Standard Income 12 Period" report in Sage 50 displays a breakdown of the current fiscal year by month, from period 1 to 12. However, it doesn't allow date range selection, restricting users to the current period. Users can change the current period to access data from the first of the two open years, but cannot run reports for closed years. To enable this functionality, simply click the save button while viewing the report to create a custom financial statement. By renaming the report (e.g., "My Income 12 Period"), it will be reflected in the report list, allowing for easier access to this customized version.