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The standard income 12 period report in Sage 50 is included in standard financial statements and provides a monthly breakdown of the current fiscal year. However, it does not allow users to select a custom date range, limiting it to the current period. While users can change the current period to view a prior open year, there is no option to access a closed year. To unlock this functionality, users can save the report with a new name, transforming it into a custom financial statement. Upon renaming, the report appears with the new designation in the report list, allowing for more flexible financial analysis.