diff --git a/index.js b/index.js
index e51c7755..19bf2be4 100644
--- a/index.js
+++ b/index.js
@@ -12,17 +12,28 @@ module.exports = {
     this.registerModels(customModels);
   },
 
-  async initializeMoneyMaker() {
+  async initializeMoneyMaker(currency) {
+    currency ??= 'XXX';
+
     // to be called after db initialization
-    const { currency, internalPrecision: precision } = (
-      await frappe.db.getSingleValues(
-        { fieldname: 'currency', parent: 'AccountingSettings' },
-        { fieldname: 'internalPrecision', parent: 'SystemSettings' }
-      )
-    ).reduce((acc, { fieldname, value }) => {
-      acc[fieldname] = value;
-      return acc;
-    }, {});
+    let values;
+    try {
+      // error thrown if migration hasn't taken place
+      values = await frappe.db.getSingleValues({
+        fieldname: 'internalPrecision',
+        parent: 'SystemSettings',
+      });
+    } catch {
+      values = [];
+    }
+
+    let { internalPrecision: precision } = values.reduce(
+      (acc, { fieldname, value }) => {
+        acc[fieldname] = value;
+        return acc;
+      },
+      {}
+    );
 
     if (typeof precision === 'undefined') {
       precision = this.getMeta('SystemSettings').fields.find(
@@ -31,9 +42,7 @@ module.exports = {
     }
 
     if (typeof precision === 'undefined') {
-      throw new frappe.errors.NotFoundError(
-        'SystemSettings internalPrecision value is undefined'
-      );
+      precision = 11;
     }
 
     if (typeof precision.value === 'string') {
diff --git a/models/doctype/SystemSettings/SystemSettings.js b/models/doctype/SystemSettings/SystemSettings.js
index 7c6ae875..ac68075e 100644
--- a/models/doctype/SystemSettings/SystemSettings.js
+++ b/models/doctype/SystemSettings/SystemSettings.js
@@ -52,7 +52,7 @@ module.exports = {
       fieldname: 'internalPrecision',
       label: 'Internal Precision',
       fieldtype: 'Int',
-      default: 12,
+      default: 11,
       description: _(
         'Sets the internal precision used for monetary calculations. Above 6 should be sufficient for most currencies.'
       ),
diff --git a/package.json b/package.json
index a1c5855b..27b8794a 100644
--- a/package.json
+++ b/package.json
@@ -32,7 +32,7 @@
     "multer": "^1.4.3",
     "node-fetch": "^3.0.0",
     "nunjucks": "^3.2.3",
-    "pesa": "^1.0.3",
+    "pesa": "^1.0.4",
     "postcss": "^8.3.11",
     "postcss-loader": "^6.2.0",
     "sass-loader": "^12.3.0",
diff --git a/yarn.lock b/yarn.lock
index 3caaa78e..84e6bdc5 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -3417,10 +3417,10 @@ performance-now@^2.1.0:
   resolved "https://registry.yarnpkg.com/performance-now/-/performance-now-2.1.0.tgz#6309f4e0e5fa913ec1c69307ae364b4b377c9e7b"
   integrity sha1-Ywn04OX6kT7BxpMHrjZLSzd8nns=
 
-pesa@^1.0.3:
-  version "1.0.3"
-  resolved "https://registry.yarnpkg.com/pesa/-/pesa-1.0.3.tgz#e0eab7a13a6a8d0cfd1cbc0214aece6befd63a74"
-  integrity sha512-UGw3TPnQKAcM0EhPzQO17cXtibBcJCCqlB/hjfYtVPFAgDOIJ2kv6az9Fwq5Gflp2R7hODZlJy1cG+eL70od/g==
+pesa@^1.0.4:
+  version "1.0.4"
+  resolved "https://registry.yarnpkg.com/pesa/-/pesa-1.0.4.tgz#aaed9760b319d1435ea663bdb96c0a99f88cbd53"
+  integrity sha512-SuXEyavfSv1GGk625Mgdmw8ZJvNaMQ6C5e413zxTpkdLmDdTwWidhlQDDbFuI+Drj1GBHu/L20NVsoRUjUjU5w==
 
 pg-connection-string@2.5.0:
   version "2.5.0"