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The "Standard Income 12 Period" report in Sage 50 is a useful tool that breaks down the current fiscal year by month, covering periods 1 through 12. However, it lacks the option to choose a specific date range and can only run for the current period, although you can adjust the current period to run a previous year. To enable this functionality for closed years, simply click the save button while viewing the report and rename it, turning it into a custom financial statement (e.g., "My Income 12 Period"). This newly named report will then appear in your reports list, allowing for greater flexibility in financial analysis.