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The Standard Income 12 Period report in Sage 50 is a useful financial statement that displays the current fiscal year broken down by month, from period 1 to period 12. However, the report only allows running for the current period without an option to select a custom date range or a closed year. To enable this functionality, you can save the report with a new name while viewing it, transforming it into a custom financial statement. By clicking the save button and renaming the report—like 'My Income 12 Period'—the report's name updates, and it becomes available in the report list, allowing for greater flexibility in financial analysis.