Try this : DATEPARSE('YYYYQQQ','2016Q1')
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This should work --> dateparse('yyyy-q',LEFT('2016Q1',4)+'-'+right('2016Q1',1))
It worked converting the string to date. But, when I tried to expand the table it only shows 2016Q1 and the rest (Q2, Q3 and Q4) are not there. Same goes when I expand further to month, it only shows January.
Thanks for your help.