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The standard financial statements in Sage 50 include a report called "Standard Income 12 Period," which provides a month-by-month breakdown of the current fiscal year. However, it only allows reporting for the current period and does not offer a date range option. Users can adjust the current period to run reports for an open year, but closed years cannot be accessed directly. To enable this functionality, users can save the report with a new name, transforming it into a custom financial statement. By clicking the save button and naming it, the report becomes available in the list of custom financial statements.