Fiscal Year Calculation

Hi gigchocolaty,

From your description, there are two tables (FY14 and FY15), and you want to calculate fiscal year and quarter, then filter based on the fiscal year and quarter, right?

In your scenario, I would suggest you append the table FY14 with table FY15 in query Editor use Append Queries as New feature. Then create two calculated columns like below:

Fiscal Year = 
  CONCATENATE("FY",
                IF('Append1'[Month] <=6,
                       RIGHT('Append1'[Year],2),
                       VALUE(RIGHT('Append1'[Year],2)) +1
                     )
                                )

FiscalQuarterNumber = IF('Append1'[Month]<4,3,IF('Append1'[Month]<7,4,IF('Append1'[Month]<10,1,2)))                                                 

Then place the Fiscal Year and FiscalQuarterNumber into slicers to filter data. You can take a look at attached .pbix file.

1) Would I be able to filter data by fiscal year if I have two separate dataset?

As each table have specific fiscal year, if we doen't combine those two tables, we can't get a table to list all fiscal years for those two tables. I think the above way is more proper for you.

2) Would it be better to create a new table for fiscal year and link to another dataset? I still don't know how to create the relationship. 

I think the above way have answered this question. Regarding create relationships in Power BI, you an take a look at this article: Create and manage relationships in Power BI Desktop.

Best Regards,
Qiuyun Yu