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The standard financial statements in Sage 50 include a report called the standard income 12 period, which breaks down the fiscal year by month (periods 1 to 12). However, it lacks an option to select a date range, limiting it to the current period. Users can change the current period to run for an open year, but not for a closed year. To enable this functionality, users can save the report as a custom financial statement by clicking the save button and naming it (e.g., "my income 12 period"). This changes the report name and adds it to the list of available reports.