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The Standard Income 12 Period report in Sage 50 provides a monthly breakdown of the current fiscal year, displaying periods 1 through 12. However, it lacks an option to choose a date range, limiting users to run the report only for the current period. While it is possible to change the current period to run reports for open years, closed years cannot be accessed directly. To enable this functionality, you can create a custom financial statement by clicking the save button while viewing the report, giving it a new name (e.g., "My Income 12 Period"). This action allows the report to be saved and accessed in the custom list.