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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 does not allow for a date range selection, meaning it can only be generated for the current period. Users can revert to the first of their two open years to run the report for that year, but not for a closed year. To enable this functionality, users can save the report with a new name while viewing it, effectively creating a custom financial statement. After renaming, the report will appear in the list with its new designation.