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The standard income 12 period report included in Sage 50 provides a monthly breakdown of your current fiscal year, displaying data for periods 1 through 12. However, it only allows reporting for the current period without an option to set a custom date range. To enable this functionality for previous years, you can click the save button while viewing the report and rename it, creating a custom financial statement. This new report, now labeled as your custom version, will appear in the report list, giving you the flexibility to analyze past financial data.