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The standard financial statements in Sage 50 include a report called the Standard Income 12 Period, which provides a monthly breakdown of the current fiscal year from periods 1 to 12. However, the options do not allow users to select a specific date range, restricting the report to the current period. To generate a report for a previous fiscal year, users can change the current period back to an open year. Additionally, by clicking the save button while viewing the report and renaming it, users can create a custom financial statement that allows for greater flexibility in reporting. This new report will appear in the list of available reports.