The forum will be down for maintenance over the weekend of August 18-20, 2017. The forum will be shut down on the evening (EDT) of Friday, August 18. Downtime is unknown but may be up to two days. The forum will be restarted as soon as maintenance is complete.

I'm curious about why the MONEY and SMALLMONEY domains have 4 decimal places instead of 2, as I use for columns representing dollars and cents. Were 4 decimal places used to represent stock prices to the 16th of a dollar? Is there an ISO standard representation of currency? Is it because other countries represent monetary amounts with 4 decimal places? Or is there some other reason why I should use the built-in domains even though I don't track fractions of a cent.

asked 01 Jul '10, 02:58

rbiffl's gravatar image

rbiffl
203357
accept rate: 0%

never made sense to me, so I never use it. All our clients are used to seeing money with 2 decimals. Having 4 causes a lot of extra function use (ROUND) to insure there aren't hidden fractions that make it look like the figures don't add up. I always considered "rates" to be "rates", not money so I also don't understand the logic.

(05 Jul '10, 14:23) Bill Aumen

Ever been at a gas station, they always count at least 3 decimal places. But to be serious the more decimal places you use, the more accurate will be your results. And for calculations involving money the highest accurracy is desired. Why 4 digits, seems to be just a trade-off decision between accuracy and storage requirements for historical reasons. Other major database systems (SQL Server and Oracle) use also 4 decimals for money data types.

Anyway, the official fixed EURO exchange rates have had up to 6 decimal places.

permanent link

answered 01 Jul '10, 07:31

Martin's gravatar image

Martin
8.6k116151237
accept rate: 14%

Your answer
toggle preview

Follow this question

By Email:

Once you sign in you will be able to subscribe for any updates here

By RSS:

Answers

Answers and Comments

Markdown Basics

  • *italic* or _italic_
  • **bold** or __bold__
  • link:[text](http://url.com/ "title")
  • image?![alt text](/path/img.jpg "title")
  • numbered list: 1. Foo 2. Bar
  • to add a line break simply add two spaces to where you would like the new line to be.
  • basic HTML tags are also supported

Question tags:

×2

question asked: 01 Jul '10, 02:58

question was seen: 1,246 times

last updated: 01 Jul '10, 07:31