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The Sage 50 financial statements include the "Standard Income 12 Period" report, which breaks down the current fiscal year by month. It displays periods 1 through 12 but lacks a date range option, allowing reports only for the current period. Users can change the current period to access earlier years, but closed years cannot be run. However, by saving the report under a new name, users can create a custom financial statement, such as "My Income 12 Period," enabling the functionality to view different years. This customization allows for greater flexibility in reporting financial data.