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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, covering periods 1 through 12. However, the report does not allow for selection of a specific date range and is limited to the current period. Users can change the current period to run the report for a previous open year, but closed years cannot be accessed. To enable functionality for a custom date range, users can save the report with a new name, effectively creating a custom financial statement. This allows for easier viewing and access to the report in the list of financial statements.