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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. However, it lacks an option to select a date range, allowing only the current period to be run. Users can change the current period to a prior open year to view that year's data, but cannot access information from closed years. 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 custom report will then be listed among the available reports.