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The standard income 12 period report in Sage 50 breaks down the current fiscal year by month, displaying periods 1 through 12. However, there is no option to select a date range, limiting the report to the current period. Users can change the current period to run reports on earlier open years, but closed years are inaccessible. To enable this functionality, users can create a custom financial statement by clicking the save button while viewing the report and renaming it. This action allows the report to be saved and listed as a custom report, enabling easier access in the future.