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The standard financial statements in Sage 50 include the "Standard Income 12 Period" report, which breaks down the current fiscal year by month. However, it lacks the option to select a date range, limiting users to view only the current period. Users can change the current period to an earlier open year, but cannot access closed years. To enable this functionality, users can click the save button while viewing the report and rename it, creating a custom financial statement. Once renamed, the report will reflect in the list, allowing users to access it as a customized version.