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The "Standard Income 12 Period" report in Sage 50 displays a breakdown of the current fiscal year by month, covering periods 1 through 12. However, it does not allow users to select a specific date range or to run reports for closed years directly. Users can work around this limitation by saving the report as a custom financial statement. By clicking the save button and renaming the report (e.g., "My Income 12 Period"), it enables the option to view it alongside other reports, providing greater flexibility and functionality for financial analysis.