What do people recommend for storing money amounts? I've seen people use NUMERIC(18,3) and other use NUMERIC(18,4). Which one is more appropriate and why? This is considering various existing currencies, some having low rates (like IDR, in which you can have large amount up to hundreds of trillions) and some high rates (like USD, in which you can have small amount like 0.1 cent). Are there places/industries which involve values lower than 0.1 cent?
Off the top of my head: currency trading.
And what about 'factor' field in currency conversion table? Should I use FLOAT, or DOUBLE (do we need 15-16 digit precision?) or NUMERIC (exact numbers).
It _really_ depends on Your/ Your application needs. I'd hazard a guess that for most situations FLOAT should do just fine.
The factor should range between 1E-3 (e.g. converting IDR to USD) to 1E4 (e.g. converting IDR to pounds/euros).
-- dave
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