Why Choose DECIMAL for Financial Data in MySQL?

Precision and Handling Monetary Data: Understanding MySQL DECIMAL

When working with decimal values in MySQL, it's important to differentiate between DOUBLE and DECIMAL columns. While DOUBLE may initially seem like a suitable option, its approximate nature can lead to inaccuracies, particularly for financial data.

DECIMAL columns, on the other hand, provide exact representations of numeric values. To create a column that can accommodate numbers between 00.0001 and 99.9999, use the following format:

CREATE TABLE your_table(
    your_column DECIMAL(6,4) NOT NULL
);

The first parameter (6) represents the maximum number of digits (precision), while the second parameter (4) indicates the number of digits to the right of the decimal point (scale). This means that the specified column can store values ranging from -99.9999 to 99.9999.

For example, to create a column that accepts values from -9999.99 to 9999.99, use DECIMAL(6,2). The precision remains 6, but the scale is reduced to 2, allowing for two decimal places.

Unsure of the correct precision and scale for your needs? Refer to MySQL's official documentation for comprehensive information.

It's worth noting that MySQL versions 5.0.3 and above support DECIMAL columns. If you're using an earlier version, consider upgrading to benefit from its improved accuracy and precision.

Update for MySQL 8.0.17 :

Unsigned columns are deprecated for FLOAT, DOUBLE, and DECIMAL types, ensuring better representation of data across platforms.

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