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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. This report displays data from period 1 to period 12, but it does not allow for a customizable date range, limiting it to the current period. Users can change the current period to a previous open year for reporting, but closed years cannot be accessed. However, by clicking the save button while viewing the report and renaming it, users can create a custom financial statement, which then appears in the report list. This change allows for greater functionality with the income report.