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The "Standard Income 12 Period" report in Sage 50 breaks down the current fiscal year by month, displaying data from period 1 to period 12. However, users cannot select a date range, limiting the report to the current period only. To view data from a closed year, users can change the current period to a previous year; however, this is not straightforward. By saving the report under a new name, users can create a custom financial statement, allowing for greater flexibility in reporting. Once the report is saved with a new name, it will appear in the list of reports, enabling easier access.