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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 does not allow for date range selection, restricting the report to the current period. To generate a report for previous years, you can change the current period temporarily, but closed years cannot be accessed this way. To enable custom functionality, simply click the save button while viewing the report, rename it (e.g., "My Income 12 Period"), and it will become a custom financial statement, appearing in the list for future access.