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The standard financial statements in Sage 50 include a report called the Standard Income 12 Period, which presents the current fiscal year data broken down by month. This report displays periods 1 through 12, but the options do not allow for a date range selection, restricting it to the current period. Users can change their current period to access previous fiscal years, but closed years cannot be accessed directly. However, by saving the report under a new name, users can create a custom financial statement, gaining access to the desired functionality. Naming the report as "My Income 12 Period" allows it to appear in the report list for future reference.