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The standard financial statements in Sage 50 include a report called the Standard Income 12 Period, which provides a monthly breakdown of the current fiscal year from period 1 to period 12. However, it does not allow for running reports over a specific date range, limiting it to the current period. To work around this, you can create a custom financial statement by simply clicking the save button while viewing the report and assigning it a new name, such as "My Income 12 Period." This change allows you to access the report with the new name in the report list, enabling greater flexibility in financial reporting.