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The standard financial statements in Sage 50 include a report called the Standard Income 12 Period, which allows users to view their current fiscal year by month, ranging from period 1 to period 12. However, there is no option to select a specific date range, limiting the report to the current period. Users can change the current period back to an earlier one, but reports for closed years cannot be generated. To enable this functionality, users can create a custom financial statement by clicking the save button while viewing the report, renaming it, and saving it. This custom report will then appear in the report list with the new name.