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The video tutorial discusses the "Standard Income 12 Period" report included in Sage 50 financial statements, which provides a monthly breakdown of the current fiscal year. However, it lacks the option to select a date range, limiting users to the current period. Users can only revert to a previous period within one of the open years to generate reports. To enable greater functionality, the tutorial suggests a simple workaround: while viewing the report, users can click the save button to create a custom financial statement by giving it a new name, such as "My Income 12 Period." This custom report can then be found in the report list, allowing for expanded use.