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The standard financial statements in Sage 50 include a useful report called the Standard Income 12 Period, which provides a monthly breakdown of the current fiscal year from period 1 to 12. However, it lacks the option to select a custom date range for closed years, allowing reports to be generated only for the current period. To enable reporting for previous years, you can create a custom financial statement by clicking the save button while viewing the report. By assigning a new name, like "My Income 12 Period," the report can subsequently be accessed in the custom reports list, allowing for more flexibility in financial reporting.