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The Standard Income 12 Period report in Sage 50 provides a monthly breakdown of the current fiscal year, displaying periods 1 through 12. However, it does not allow users to select a date range, limiting the report to the current period. Users can change the current period to run reports for earlier periods, but reports for closed years are not directly accessible. To enable functionality for viewing closed years, users can create a custom financial statement by clicking the save button while viewing the report and naming it, such as "My Income 12 Period." This custom report will then appear in the report list with the new name.