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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, there is no option to select a date range, limiting the report to the current period. Users can change the current period to run reports for previous open years, but closed years remain inaccessible. To enable this functionality, you can create a custom financial statement by saving the report under a new name (e.g., "My Income 12 Period"), which allows users to access it from the report list and utilize it for different periods.