diff --git a/model/document.js b/model/document.js
index ccf8a032..88c158b7 100644
--- a/model/document.js
+++ b/model/document.js
@@ -673,7 +673,7 @@ module.exports = class BaseDocument extends Observable {
     if (typeof df === 'string') {
       df = this.meta.getField(df);
     }
-    let systemPrecision = frappe.SystemSettings.floatPrecision;
+    let systemPrecision = frappe.SystemSettings.internalPrecision;
     let defaultPrecision = systemPrecision != null ? systemPrecision : 2;
     let precision =
       df && df.precision != null ? df.precision : defaultPrecision;
diff --git a/model/meta.js b/model/meta.js
index fa6973ea..6107219d 100644
--- a/model/meta.js
+++ b/model/meta.js
@@ -51,7 +51,7 @@ module.exports = class BaseMeta extends BaseDocument {
       // attach default precision to Float and Currency
       if (['Float', 'Currency'].includes(df.fieldtype)) {
         let defaultPrecision = frappe.SystemSettings
-          ? frappe.SystemSettings.floatPrecision
+          ? frappe.SystemSettings.internalPrecision
           : 2;
         df.precision = df.precision || defaultPrecision;
       }
diff --git a/models/doctype/SystemSettings/SystemSettings.js b/models/doctype/SystemSettings/SystemSettings.js
index ac68075e..92396cfe 100644
--- a/models/doctype/SystemSettings/SystemSettings.js
+++ b/models/doctype/SystemSettings/SystemSettings.js
@@ -40,12 +40,21 @@ module.exports = {
       description: _('Sets the app-wide date display format.'),
     },
     {
-      fieldname: 'floatPrecision',
-      label: 'Precision',
-      fieldtype: 'Select',
-      options: ['2', '3', '4', '5'],
-      default: '2',
+      fieldname: 'displayPrecision',
+      label: 'Display Precision',
+      fieldtype: 'Int',
+      default: 2,
       required: 1,
+      minValue: 0,
+      maxValue: 9,
+      validate(value, doc) {
+        if (value >= 0 && value <= 9) {
+          return;
+        }
+        throw new frappe.errors.ValidationError(
+          _('Display Precision should have a value between 0 and 9.')
+        );
+      },
       description: _('Sets how many digits are shown after the decimal point.'),
     },
     {
@@ -78,7 +87,7 @@ module.exports = {
   ],
   quickEditFields: [
     'dateFormat',
-    'floatPrecision',
+    'displayPrecision',
     'hideGetStarted',
     'autoUpdate',
   ],