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The standard financial statements in Sage 50 include a report called the Standard Income 12 Period, which breaks down the current fiscal year by month. However, it only allows viewing for the current period without a date range option, restricting users from running it for closed years. To enable this functionality, you can create a custom financial statement by clicking the save button while viewing the report and giving it a new name, such as "My Income 12 Period." This process updates the report name and adds it to the list for future access.