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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 a date range selection, restricting users to the current period. Users can modify the current period to run reports for earlier open years, but closed years are inaccessible. To enable the functionality for custom date ranges, users can simply click the save button while viewing the report, rename it (e.g., "My Income 12 Period"), and it will then be saved as a custom financial statement, appearing in the report list for future access.