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The standard financial statements in Sage 50 include a report called the Standard Income 12 Period, which breaks down the fiscal year by month. It covers periods 1 through 12, but there is no option to select a date range; you can only run it for the current period. Although you can change the current period to an earlier year for reporting, closed years cannot be accessed. However, by clicking the save button while viewing the report and assigning it a new name, you can create a custom financial statement. This allows you to save the modified report, enabling better access for future use.