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The standard financial statements in Sage 50 include the "Standard Income 12 Period" report, which provides a monthly breakdown of the current fiscal year. However, users cannot select a date range, limiting the report to the current period. While it's possible to change the current period to view a prior year, closed years remain inaccessible. To overcome this limitation, users can create a custom financial statement by clicking the save button while viewing the report and giving it a new name. This action allows the report to be saved as a custom version, which can then be accessed from the report list.