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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, the default options do not allow users to select a date range, limiting the report to the current period. Users can modify the current period to view previous open years, but closed years cannot be accessed directly. To enable this feature, users can simply save the report under a new name, effectively creating a custom financial statement. This new report name will appear in the report list, allowing access to the customized functionality when viewing the report.