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The standard income 12 period report in Sage 50 is an essential tool that breaks down the current fiscal year by month, displaying periods 1 through 12. However, it does not allow for running reports by a custom date range, limiting access to the current period only. Users can revert the current period to an earlier date in an open year to access that year's data, but closed years remain inaccessible. To enable the functionality to run reports for different periods, users can create a custom financial statement by clicking the save button and renaming the report, which then appears in the report list, allowing future access to the customized income report.