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The standard financial statements in Sage 50 include the Standard Income 12 Period report, which provides a monthly breakdown of the current fiscal year from period 1 to period 12. However, it doesn't allow for the selection of a date range, limiting you to the current period. While you can switch to a previous period, you cannot generate the report for a closed year. To enable this functionality, you can create a custom financial statement by clicking the save button to rename the report, thus allowing access to it in the list of reports. This customization allows you to effectively view and analyze your financial data for different periods within Sage 50.