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The standard financial statements in Sage 50 include a report called the Standard Income 12 Period, which offers a monthly breakdown of the current fiscal year. This report displays periods from 1 to 12, but lacks an option to select a date range, limiting its operation to the current period. Users can change the current period to reflect a range within the two open years, but not for closed years. However, by clicking the save button while viewing the report and renaming it, users can create a custom financial statement, allowing flexibility in report handling. The new custom report appears in the report list under the chosen name.