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The Standard Income 12 Period report in Sage 50 allows users to view their current fiscal year divided by month, from period 1 to period 12. However, it does not offer an option to select a date range, limiting users to the current period. Users can change the current period to a previous open year, but closed years cannot be accessed directly. To enable additional functionality, users can customize the report by clicking the save button and renaming it, thus creating a custom financial statement. Once renamed, the report will appear in the report list with the new designation.