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The Standard Income 12 Period report in Sage 50 provides a monthly breakdown of the current fiscal year from period 1 to period 12. However, it does not allow selection of a date range, meaning it can only be run for the current reporting period. Users can revert to an earlier period in their open years to generate that year's report, but cannot access closed years. To enable functionality for closed years, users can save the report as a custom financial statement by clicking the save button and renaming it, which allows it to appear in the report list with the new name. This simple change enhances the usability of the report.