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The business need requires the quarters to be in either of these 2 formats. Its the year that's giving me problems. If I am using today and going back 4 quarters (not including our current qtr), we go into year 2018.
You should be able to use the year that has been parsed out in conjunction with the quarter field that has been created. I have attached another workflow as an example. This final formula tool can be tweaked to say right(,2) for example if you needed to pull the last two digits from year.