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The standard income 12-period report in Sage 50 breaks down the current fiscal year by month, displaying periods 1 through 12. However, it lacks a date range option, limiting it to the current period. You can change the current period to run reports for prior open years but not closed ones. To enable additional functionality, you can save the report under a new name, creating a custom financial statement. By clicking the save button and naming it (e.g., "my income 12 period"), the report name updates, and the custom report appears in the list, allowing for enhanced flexibility in viewing financial data.