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The "Standard Income 12 Period" report in Sage 50 displays the current fiscal year broken down by month (Period 1 to 12), but it lacks the option for a date range, limiting access to only the current period. Users can modify their current period to an earlier open year to run the report for that year, but cannot access closed years. However, by clicking the save button while viewing the report and giving it a new name, users can create a custom financial statement. This enables the report to appear in the list of reports with the new designation, allowing for enhanced functionality.