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The Standard Income 12 Period report in Sage 50 provides a monthly breakdown of the current fiscal year from period 1 to period 12. However, it lacks the option to select a specific date range, only allowing reports for the current period. To view a prior fiscal year, you can change your current period to an earlier open year, but closed years cannot be reported. By saving the report under a new name, you can create a custom financial statement, enabling the desired functionality. This simple change allows the report to be viewed and accessed from the custom statements list, offering more flexibility in financial reporting.