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The "Standard Income 12 Period" report in Sage 50 is a useful tool that displays the current fiscal year broken down by month (from period 1 to 12). However, it lacks the ability to select a date range, restricting reports to the current period only. Users can work around this by changing the current period back to an earlier year, but closed years cannot be accessed directly. To enable this functionality, the report can be saved under a new name, thus transforming it into a custom financial statement. After saving, the report name updates, and it appears in the report list, allowing for easier future access.