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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, covering periods 1 through 12. However, users cannot select a specific date range for the report and can only run it for the current period. While users can change the current period to an open year, they cannot generate the report for a closed year. To work around this limitation, users can create a custom financial statement by clicking the save button while viewing the report, renaming it (e.g., "My Income 12 Period"), which then adds the custom report to the list for future access.