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The standard income 12 period report included in Sage 50 allows users to view their current fiscal year broken down by month across periods 1 to 12. However, it does not offer an option to select a specific date range, limiting the report to the current period. Users can modify their current period to access data from their open years but cannot run reports for closed years. To enable added functionality, users can save the report under a new name, converting it into a custom financial statement. This is done by clicking the save button, allowing the new report to appear in the list with the updated name.