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The standard financial statements in Sage 50 include a report called the Standard Income 12 Period, which breaks down the current fiscal year by month. The report displays periods 1 to 12, but options do not allow for a custom date range. Users can only run the report for the current period or revert to an earlier current period from the two open years, but not for a closed year. To enable this functionality, a user can create a custom financial statement by clicking the save button, renaming the report (e.g., "My Income 12 Period"), which allows it to be listed as a custom report and accessed later.