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The "Standard Income 12 Period" report in Sage 50 is a valuable tool that displays the current fiscal year broken down by month. However, it only allows reporting for the current period, with no option to set a specific date range or run reports for closed years. To enable this feature, users can save the report under a new name, effectively creating a custom financial statement. By clicking the save button and renaming it—such as "My Income 12 Period"—the report name will update, and it will be added to the report list. This process allows for greater flexibility in accessing historical data within the report.