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The standard financial statements in Sage 50 include a report called the Standard Income 12 Period, which provides a monthly breakdown of the current fiscal year. However, users cannot select a date range for this report; it only runs for the current period. While it's possible to set the current period to an earlier open year, closed years cannot be accessed. To enable functionality for closed years, users can create a custom financial statement by saving the report under a new name, making it accessible in the report list. This allows flexibility in analyzing financial data beyond the limitations of the standard report settings.