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The standard income 12 period report in Sage 50 provides a monthly breakdown of the current fiscal year, labeled from period 1 to period 12. However, users cannot choose a date range, limiting the report to only the current period. To access older periods from a closed year, one can create a custom financial statement. This is done by clicking the save button while viewing the report and assigning it a new name (e.g., "my income 12 period"). The renamed report then appears in the list of available reports, allowing users to view the desired data more flexibly.