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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 option for users to select a date range; it can only be run for the current period. Users can change the current period to access previous open years, but not closed ones. To enable running the report for closed years, users can create a custom financial statement by clicking the save button and renaming the report, such as "My Income 12 Period." This renaming also updates the report name and adds it to the report list for future access.