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The standard income 12 period report in Sage 50 is included in financial statements and provides a monthly breakdown of the current fiscal year from periods 1 to 12. However, it lacks the option to select a date range, restricting reports to the current period. Users can change the current period to run reports from previous open years, but closed years cannot be accessed. To enable this functionality, users can save the report with a new name, turning it into a custom financial statement. Once saved, it appears in the list of reports, allowing users to easily access their customized version.