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The "Standard Income 12 Period" report in Sage 50 is a useful tool that displays your current fiscal year broken down by month. The report lists periods 1 through 12, but lacks an option to select a date range, meaning it can only be run for the current period. Users can change the current period to run it for an earlier open year, but closed years cannot be accessed. However, by saving the report with a new name, users can create a custom financial statement. This new statement allows for greater flexibility in viewing financial data, as it now appears in the report list under the chosen custom name.