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The standard income 12 period report in Sage 50 is a valuable tool that displays the current fiscal year’s income data broken down by month (Periods 1 to 12). However, it has limitations; it cannot be run for a custom date range or a closed year. Users can only view it for the current period or change the current period to an open year. To access additional functionality, users can create a custom version of the report. By clicking the save button and renaming the report, it becomes a custom financial statement, allowing for further options and flexibility. The new report will also appear in the report list for easy access.