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In Sage 50, while a standard 12-period income statement is available, users can also create a 12-period balance sheet using the Financial Statement Designer. To begin, navigate to the Reports and Forms menu and select Financial Statements, using the standard 12-period income statement as a foundation. By clicking the design button, users can view the defined columns and copy the necessary building blocks. After copying the column description, users can proceed without saving changes if prompted. Finally, users can choose their preferred balance sheet format to complete the new report easily.