Jeff Moden (3/2/2010)
nathan 7372 (3/2/2010)
Thats the funny thing about decimal places. Technically, you are both right. Obviously Jeff's higher precision datatype leads to a more mathematically accurate answer. At the same time however, accounting is looking at having me calculate it with as little as 2 decimal places in order to save money. When all of those decimal places get truncated the company saves. So really precision has more to do with business requirements than it does with getting the "right" answer. Just food for thought.
I agree... you have to "close" the books each month on two decimal places.
I'm not sure about that being compliant with the law of [WhereverYouAre].
AFAIK counting interest rates have to be at least precise to the third or even forth digit (guess what the scale of the MONEY data type is... 😉 ).
Over here (Germany) there's some rumor about a guy who wrote a program for a bank and transferred the cumulated friction of Cents (aka rounding difference) per account and month to his own account.
The bank took him to court for fraud. His statement was something like: "If I took money from somebody at all, it has been the owner of the accounts, but not the bank itself. The bank has no legal right of ownership of the rounding difference."
Whether it's true or not, the banks over here now have to add up rounding differences. (I'm not sure if they do, though. ...;-) )
LutzA pessimist is an optimist with experience.
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