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The standard financial statements in Sage 50 include a report called the Standard Income 12 Period, which organizes the current fiscal year by month. This report displays periods 1 through 12, but does not allow users to select a date range, limiting access to the current period only. Users can change their current period to access data from an open year, but closed years remain inaccessible. However, by saving the report under a new name, users can create a custom financial statement, enabling enhanced functionality. This is done by clicking the save button, renaming the report (e.g., "My Income 12 Period"), and confirming the name change in the report list.