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The standard financial statements in Sage 50 include a report called "Standard Income 12 Period," which breaks down the current fiscal year by month from period 1 to period 12. However, it does not allow for custom date ranges, limiting it to the current period. Users can work around this by changing the current period to a previous open year, but not a closed year. To enable custom functionality, users can click the save button while viewing the report and rename it, creating a custom financial statement. This allows the report to be saved with a new name, making it accessible in the report list for future reference.