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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, it lacks the ability to choose a specific date range, meaning users can only view the report for the current period. Users can change the current period to any open year but cannot access closed years directly. 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 allows the report to be saved under a new name and listed in the reports collection for future access.