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The standard income 12-period report in Sage 50 is a valuable financial statement that displays the current fiscal year broken down by month, from period 1 to period 12. However, it does not allow for date range selection, limiting usage to the current period. Users can change the current period to access previous fiscal years, but closed years cannot be reported directly. To enable custom report functionality, you can click the save button while viewing the report and assign it a new name, creating a custom financial statement. This simple change allows the report to be saved and accessed as a personalized version in the list of reports.