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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 running it only for the current period. Users can change the current period to earlier in the fiscal year but cannot access closed years. To enable the functionality for closed years, users can create a custom financial statement by saving the report under a new name while viewing it. This action allows users to generate custom reports, which will then be listed with other reports.