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The standard income 12 period report included in Sage 50 allows users to view their current fiscal year’s financials broken down by month (periods 1-12). However, it does not offer an option to set a custom date range or run reports for closed years. Users can work around this limitation by saving the report under a new name, which creates a custom financial statement. This allows for better management of income data and enables users to revisit their financial performance when needed. Once saved, the report's name updates, and it appears in the list of available reports.