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The tutorial discusses the "Standard Income 12 Period" report included in Sage 50's financial statements, which allows users to analyze their current fiscal year month by month. The report is limited, as it only runs for the current period without an option for a specific date range. Users can change the current period to access prior open years but cannot run it for closed years. However, users can enable custom functionality by saving the report under a new name, thereby creating a "Custom Financial Statement." This process allows for greater flexibility and accessibility of financial data within the software.