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The "Standard Income 12 Period" report in Sage 50 allows users to view their fiscal year broken down by month, covering periods 1 through 12. However, it does not offer the option to select a custom date range, limiting runs to the current period only. Users can change their current period to the first of their two open years to access reports for that year, but closed years remain inaccessible. To enable functionality for running reports for other periods, users can save the report with a new name, creating a custom financial statement. This process allows the report to appear in the custom list for future reference.