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The standard financial statements in Sage 50 include a report called the Standard Income 12 Period, which allows users to view their current fiscal year segmented by month. However, it lacks an option to select a specific date range, limiting the report to the current period. While users can adjust the current period to access a year within their two open years, closed years remain inaccessible. To enable this functionality, users can create a custom financial statement by saving the report with a new name, thereby allowing access to the desired reporting period. The report name will change and appear in the list of custom reports.