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The Standard Income 12 Period report in Sage 50 is a useful tool that displays the current fiscal year broken down by month, from period 1 to period 12. However, there is no option to select a specific date range, limiting the report to the current period. While you can change the current period to an earlier date within open years, you cannot generate it for a closed year. To enable this functionality, you can create a custom financial statement by clicking the save button while viewing the report and giving it a new name, such as "My Income 12 Period." This allows you to view the modified report name in the list of reports.