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The "Standard Income 12 Period" report in Sage 50 is a useful financial statement that displays the current fiscal year broken down by month. It includes periods 1 through 12 but does not allow for date range selection; you can only run it for the current period or change the current period to access previous open years. Unfortunately, there's no option for closed years. However, by saving the report under a new name, you can create a custom financial statement enabling enhanced functionality. This process changes the report name and adds it to the report list for easier access in the future.