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The standard financial statements in Sage 50 include a report called the Standard Income 12 Period, which details the current fiscal year month by month. However, it only allows running for the current period without an option to set a custom date range or view closed years. To enable this functionality, simply click the save button while viewing the report and rename it to create a custom financial statement. This allows for greater flexibility in analyzing financial data. Once renamed, the report updates with the new name and appears in the report list.