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The video tutorial discusses the "Standard Income 12 Period" report in Sage 50, which is useful for viewing a fiscal year breakdown by month from period 1 to period 12. It notes that there is no option to select a custom date range, limiting the report to the current period. Users can change the current period to run the report for an earlier open year but cannot access closed years. However, by clicking the save button while viewing the report and renaming it, users can create a custom financial statement, allowing for greater flexibility in report access. The newly named report will appear in the report list.