Hi Jody,
In general you should be able to run the financial statements at any point in time and the output will just depend on what tool you use to generate them (e.g., Chart of Accounts list, Account Schedules, custom NAV reports, Jet Reports) and the filters that are applied. For prior year income statement you normally need to exclude closing entries (i.e., C12/31/xxxx) in order to get the correct net changes and balances.
Regards,
Rob