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The "Standard Income 12 Period" report in Sage 50 is a useful financial statement that displays the current fiscal year broken down by month. Users can view periods 1 through 12; however, the report does not allow for a date range selection, limiting access to the current period only. To analyze a prior year, users can adjust the current period to an earlier one if it is still open. To enable more functionality, users can create a custom report by clicking the save button, renaming it (e.g., "My Income 12 Period"), which then allows them to access and view this personalized financial statement from the report list.