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The "Standard Income 12 Period" report in Sage 50 provides a detailed monthly breakdown of the current fiscal year, spanning from period 1 to period 12. However, it lacks the option to select a specific date range, limiting it to the current period. To view a previous year's data, users can change the current period to an earlier date, but this will not allow viewing closed years. By clicking the save button while viewing the report and renaming it (e.g., "My Income 12 Period"), users can create a custom financial statement. This action updates the report name and adds it to the list of available reports.