Data FormattingSTD_2023v1

Price Precision Standard (2 Decimal Places)

Ensures all monetary values are stored with exactly 2 decimal places for currency precision.

Owner: Unassigned

Updated: 10/31/2025

Business Rule

Consistent decimal precision prevents rounding errors in financial calculations and reporting.

Technical Implementation

Use DECIMAL(19,2) datatype for currency fields. Round all calculations to 2 decimal places.

Examples

Good practices vs common violations

Good Examples

Price: 19.99

Total: 1234.56

Poor Examples (Violations)

Price: 19.999

Total: 1234.5 (inconsistent precision)

Additional Information

Target Industries

All

Status

active

Local Network

DQ Improvements

Data quality dimensions improved by this standard

Validity

high

The degree to which data values comply with rules.

Type: prevents

Precision (1 - Recording Accuracy)

high

The degree of accuracy with which data values are recorded or classified.

Type: prevents

Availability

high

The degree to which data can be consulted or retrieved by data consumers or a process.

Type: prevents

Quick Stats

Related KPIs0

DQ Improvements3

Versionv1

API Access

GET /api/standards/price-precision-standard-2-decimal-places