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The "Standard Income 12 Period" report in Sage 50 provides a monthly breakdown of the current fiscal year, displaying periods 1 through 12. However, it lacks an option to select a specific date range, limiting users to viewing only the current period. Users can change the current period to a previous open year but cannot access closed years. To enable the functionality to view past years, users can create a custom financial statement by clicking the save button and renaming the report, for instance, to "My Income 12 Period." This custom report will then be visible in the report list for future reference.