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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, covering periods 1 through 12. However, it lacks the option to choose a specific date range, limiting its use to the current period. Users can change the current period to access previous open years but cannot run the report for closed years. To enable this functionality, users can click the save button while viewing the report to create a custom financial statement. By naming it (e.g., "my income 12 period"), the report updates its name and appears in the report list, allowing for greater flexibility in financial analysis.