Creating Variables: Fiscal Year

 

                For those of you whose fiscal year is different from the calendar year, having a Fiscal Year variable can be a huge timesaver, which is why we’ve chosen it as the next entry in our Creating Variables series. Filtering and sorting on this variable make it easy to compare things like gifts on a fiscal year to fiscal year basis, as well as easily focus on one or more years of interest. Fortunately, creating this variable is easy by following these steps in Veera:

 

The first step is to hook your dataset to a transform node:

 

 

Once in the transform, select the date variable (in the form DD/MM/YY) you’d like to extract fiscal year from. Next, click on the “IF” button (the top button on the right-hand side) to generate an ‘if’ equation. In the Enter A Formula window, we’ll want to edit the auto-generated equation so it reads:

 

IF(month(A)>=7,year(A)+1,year(A))

 

where A is the date field that you’re extracting fiscal year from. This example is assuming a July 1 fiscal year start, which is why we used the number 7 (feel free to edit accordingly). Be sure to name the new variable and select “text” from the Result Type list before saving.

 

The formula is saying that if the month of the date field falls after the beginning of the new fiscal year, then set the fiscal year to the newer fiscal year (which is the year after A because the fiscal year will end in that next year). Otherwise, we’re setting the fiscal year equal to the year of the date field (because the fiscal year ends in that year).

 

Finito! 

-Caitlin Garrett, Statistical Analyst at Rapid Insight

 

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