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The "Standard Income 12 Period" report in Sage 50 is a useful tool that displays the current fiscal year broken down by month, from period 1 to period 12. However, it lacks an option to select a specific date range, meaning you can only view data for the current period. While it's possible to revert to a previous period in the current year, you cannot access data from a closed year. To enable the functionality to create a custom financial statement, you can click the save button while viewing the report and give it a new name, transforming it into a customizable report. This new report will now appear in your list of reports.