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The "Standard Income 12 Period" report in Sage 50 displays the current fiscal year broken down by month, covering periods 1 to 12. However, it does not allow for a selectable date range, limiting the report to the current period. Users can change the current period to access earlier open years, but closed years are inaccessible. To enable reporting for closed years, users can create a custom financial statement by clicking the save button, renaming the report (e.g., "My Income 12 Period"), which then updates the report name and adds it to the report list. This simple change enhances accessibility to financial data across different periods.