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The standard income 12-period report in Sage 50 breaks down the current fiscal year by month, displaying periods 1 through 12. However, there is no option to select a date range, limiting reports to the current period. Users can revert to an earlier period within the two open years for reporting but cannot access closed years. To enable this functionality, one can save the report under a new name, transforming it into a custom financial statement. This process involves clicking the save button and renaming the report, which will then appear in the report list under the new title, allowing for greater flexibility in reporting periods.