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Monetary amounts for local currency must always display three decimal places.
In General Ledger Setup, you need to configure the appropriate setup field with the appropriate value.
What should you do?
Suggested Answer: A
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The two threes in 3:3 mean a minimum of three decimal places and a maximum of 3 decimal places. In other words, it will always display three decimal places.
12 comments · newest first
EV
Evangelina
2 months ago
C makes sense too. Rounding to 0.001 is precise enough.
TA
Tatum
2 months ago
I prefer E. Rounding precision is crucial for accuracy.
SH
Shawnda
2 months ago
I think it should be A. Three decimal places are standard.
LE
Lelia
3 months ago
Just to clarify, isn't 0.001 a bit too precise for most transactions?
MA
Maurine
3 months ago
I disagree, it should be E for Rounding Precision instead.
QU
Queen
3 months ago
Wait, why do we need three decimal places? Seems excessive.
MI
Mica
3 months ago
Definitely A! That's the standard for local currencies.
AN
Antonio
3 months ago
I think it's A, Amount Decimal Places should be 3:3.
KA
Kanisha
3 months ago
I’m a bit confused about the difference between rounding precision and decimal places. I hope that doesn't affect my choice here.
LA
Lacey
4 months ago
I feel like the answer might be E, since it mentions "Amount Rounding Precision," which sounds relevant to monetary values.
NA
Natalie
4 months ago
I remember a practice question where we had to set rounding precision, but I can't recall if it was about unit amounts or just general amounts.
NO
Novella
4 months ago
I think we discussed something about decimal places in our last class, but I’m not sure if it was specifically about monetary amounts.