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The Standard Income 12 Period report in Sage 50 is a useful tool that displays the current fiscal year broken down by month, from period 1 to period 12. However, it does not allow for date range selection, meaning it can only be run for the current period. Users can modify the current period to view prior fiscal years, but closed years cannot be accessed. To enable this functionality, users can create a custom financial statement. By clicking the save button and renaming the report—such as "My Income 12 Period"—the report is saved as a custom version, making it accessible in the reports list for future reference.