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The "Standard Income 12 Period" report in Sage 50 provides a monthly breakdown of the current fiscal year, allowing users to view data from periods 1 to 12. However, it lacks the option to select a specific date range, restricting users to the current period. While it's possible to change the current period to an open year, closed years cannot be accessed. To enable this functionality, users can create a custom financial statement by clicking the save button and renaming the report (e.g., "My Income 12 Period"), which then appears in the report listing. This allows for greater flexibility in viewing financial data.