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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, this report traditionally does not allow for custom date ranges and can only be run for the current period. Users can change the current period to a previous open year but cannot generate it for a closed year. To enable this functionality, users can save the report under a new name, turning it into a custom financial statement. Once renamed, the report will appear in the report list, allowing for more flexible usage.