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The "Standard Income 12 Period" report in Sage 50 provides a monthly breakdown of the current fiscal year, featuring periods 1 through 12. However, it does not allow for selection of a specific date range, limiting the report to only the current period, or a previously set period if changed. To enable functionality for viewing a closed year, you can create a custom financial statement. By clicking the save button while on the report and assigning it a new name, you can convert it into a custom report, which then appears in your report list. This allows for greater flexibility in financial analysis across different periods.