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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 lacks a date range option to run for previous or closed years. Users can only run the report for the current period or change it to an open year. To enable the functionality for a closed year, you can create a custom statement by clicking the save button while viewing the report and assigning it a new name. This allows the report to be saved and listed as a custom financial statement, which can then be accessed and utilized as needed.