Often for quantities that require *precise* calculations, a ** FloatField** [Django-doc] is used. This is not a good idea since

`float`

, so it will result in rounding errors. These errors will further propagate when one performs calculations.A `float`

uses the *IEEE-754 standard* [wiki] to represent floating point numbers. While this is a good standard and actually aims to make calculations very precise, it can result in rounding errors for *decimal* numbers. Quantities like *currencies* make use of the decimal number system, and often do not allow much rounding errors.

One can make use of a ** DecimalField** [Django-doc].

`DecimalField`

s are represented at the Django/Python layer as a `Decimal`

, and at the database often use a dedicated decimal type. These represent numbers as decimal numbers, and thus make, for decimal numbers, correct sums, etc.```
from django.db import models
class Product(models.Model):
price = models.
```**DecimalField(max_digits=12, decimal_places=2)**

The Django documentation has a section on * FloatField vs. DecimalField* which compares both types.

There are Django packages that make it more convenient to work with money. For example ** django-money** [GitHub] and

`django-moneyfield`

These represent money with two fields, a `DecimalField`

for the value, and an extra column that denotes the currency. This is often more convenient and provides extra functionalities like converting money from one currency to another.