Need help for accuracy for the MONEY datatype in SQL Server

I am working on building an application for a banking instituti开发者_如何学编程on where the accuracy for monetary transaction is very much essential. I am thinking of using the datatype Money in SQL Server.

So I need suggestion whether the datatype I am using is enough to provide accuracy or not? I also wanted to know which one if better if i use the numeric datatype or Money datatype?

Thanks in advance

A quick search in the SQL Server Books Online would have revealed....

money
     -922,337,203,685,477.5808 to 922,337,203,685,477.5807     8 bytes

smallmoney
     - 214,748.3648 to 214,748.3647                            4 bytes

The money and smallmoney data types are accurate to a ten-thousandth of the monetary units that they represent. (that's four digits after the decimal point)

Numeric data types that have fixed precision and scale.

decimal[ (p[ ,s] )] and numeric[ (p[ ,s] )]

Fixed precision and scale numbers. When maximum precision is used, valid values are from - 10^38 +1 through 10^38 - 1. The ISO synonyms for decimal are dec and dec(p, s). numeric is functionally equivalent to decimal.

p (precision)

The maximum total number of decimal digits that can be stored, both to the left and to the right of the decimal point. The precision must be a value from 1 through the maximum precision of 38. The default precision is 18.

s (scale)

The maximum number of decimal digits that can be stored to the right of the decimal point. Scale must be a value from 0 through p. Scale can be specified only if precision is specified. The default scale is 0; therefore, 0 <= s <= p. Maximum storage sizes vary, based on the precision.

Numeric (or Decimal which is the same) certainly has the larger range - and you can tweak how many digits you need before or after the decimal point.

On the other hand - even Money is accurate to one tenth of a thousandth of dollars or Euros or whatever currency you're interested in - that's typically enough even for a bank....

So basically:

• if you need more than 4 significant digits after the decimal point, or more than 15 digits before the decimal point - pick NUMERIC / DECIMAL

• otherwise, MONEY will be just fine