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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 to select a date range, limiting the report to the current period. While users can revert to an earlier current period to view that fiscal year, closed years cannot be accessed. To enable this functionality, users can create a custom financial statement by clicking the save button while viewing the report and assigning it a new name, such as "My Income 12 Period." This action allows the new report to appear in the list of available reports.