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The standard income 12 period report in Sage 50 is a valuable tool that displays the current fiscal year broken down by month, covering periods 1 to 12. However, it lacks the option to select a custom date range, restricting users to the current period. Users can work around this by changing the current period to a previous year, but cannot access closed years. To enable additional functionality, users can save the report as a custom financial statement by clicking the save button and renaming it (e.g., "my income 12 period"). This renaming allows the report to appear in the list of custom reports, providing more flexibility in reporting.