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The standard financial statements in Sage 50 include the "Standard Income 12 Period" report, which provides a monthly breakdown of the current fiscal year from period 1 to period 12. However, it lacks the option to select a custom date range, limiting the report to the current period only. Users can change the current period back to a previous open year to run the report, but not for closed years. To enable this functionality, users can click the save button while viewing the report and rename it, creating a custom financial statement. This process allows the report to be saved with a new name and makes it accessible in the report list.