Currency Setup during Implementation

[Jayasree]

Hi Folks,

Do anybody know of any ISO standards which companies follow while setting up the Precision when defining the different Currency Codes , during implementation..?
Is there any international standards folloowed or any company just setup the precisions according to their wish..?
currency decimal digits
Eg. generally USD 2
kuwait Dinar 3
Tunisian Dinar 3
AUD 2 etc..

My question is ,has anybody seen any customer setting precision of 3 for other currencies than mentioned above..?

Thanks,
Jayasree

[mpdhas@gmail.com]

Hi,
I dont think any international standard is followed in currency precision setting. Generally companies are setting the precision according to their wish.

Regards,
Dhas

[hiszaki]

Hi Jayasree

In the analysis time, check with financial department about the currency precision they want to be in the system.

Thanks
Hisham

[Jayasree]

Hi Both,

Thanks for your reply.
This is actually for a Bank and as per information from them it looks like they have to follow ISO standard set and hence precision would be as determined by standards.

If they want to interface and do EFT payments for their Apps customers ,
their currency precision could be different from Bank's and Bank is thinking as to how to make solution generic ?

Thanks,
Jayasree

[admin]

Please ask the bank what are their standards as they must be following the standards. Bank statements are loaded in the Cash Management modules using BAI2 or Swift2 formats which are international standards for data exchange.

Let us know if still any further query.