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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, there is no option to select a specific date range, limiting the report to the current period. Users can change the current period to run the report for a previous open year, but not for a closed year. To enable this functionality, users can create a custom financial statement by clicking the save button while viewing the report and naming it (e.g., "my income 12 period"). This saves the report with the new name, allowing it to appear in the report list for future access.