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The standard financial statements in Sage 50 include a useful report called the Standard Income 12 Period, which breaks down the current fiscal year by month (periods 1 through 12). However, this report does not allow users to choose a specific date range for analysis, meaning it can only be run for the current period or by adjusting the current period to a prior open year. To enable the functionality to run the report for a closed year, users can create a custom financial statement. This is done by clicking the save button while viewing the report and giving it a new name, such as "My Income 12 Period." The report name changes and is added to the list for future access.