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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, there is no option to select a specific date range, meaning users can only run it for the current period. To access data for a closed year, users can change the current period to an earlier open year. By saving the report with a new name, users can create a custom financial statement that allows for more flexibility in reporting. This new report will also appear in the report list, enabling users to easily access it later.