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The standard financial statements in Sage 50 include the "Standard Income 12 Period" report, which allows users to view their fiscal year data broken down by month (periods 1-12). However, there is no option to select a date range, limiting the report to the current period. Users can work around this limitation by changing the current period to an earlier open year, but closed years cannot be accessed. To enable additional functionality, users can save the report with a new name, creating a custom financial statement. This process involves clicking the save button and renaming the report, which then appears in the report list as a custom entry.