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The standard income 12 period report in Sage 50 provides a monthly breakdown of the current fiscal year from periods 1 to 12. However, it only runs for the current period, with no option for a date range or closed years. To enable this functionality, you can create a custom financial statement. By clicking the save button while viewing the report and renaming it (e.g., "my income 12 period"), the report will be updated and appear in your list of reports. This allows for more flexibility in viewing financial data across different periods.