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The standard financial statements in Sage 50 include the "Standard Income 12 Period," which provides a monthly breakdown of the current fiscal year (periods 1-12). However, the report cannot be customized to a specific date range or to run for closed fiscal years directly. To enable this functionality, users can save the report as a custom financial statement by clicking the save button and renaming it (e.g., "My Income 12 Period"). This allows the report to be accessed later with the updated name, making it easier to view previous periods or customize the report as needed.