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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 from period 1 to period 12. However, there is no option to choose a specific date range, limiting the report to the current period. Users can change the current period to an earlier year, but closed years cannot be accessed directly. To enable this functionality, users can convert the report into a custom financial statement by clicking the save button and renaming it, allowing for more flexibility in reporting. The new customized report will then appear in the list of available reports.