diff --git a/index.js b/index.js
index 1754c156..7c522ea6 100644
--- a/index.js
+++ b/index.js
@@ -1,7 +1,10 @@
 const Observable = require('./utils/observable');
 const utils = require('./utils');
 const { getMoneyMaker } = require('pesa');
-const { DEFAULT_INTERNAL_PRECISION } = require('./utils/consts');
+const {
+  DEFAULT_INTERNAL_PRECISION,
+  DEFAULT_DISPLAY_PRECISION,
+} = require('./utils/consts');
 
 module.exports = {
   initializeAndRegister(customModels = {}, force = false) {
@@ -20,27 +23,25 @@ module.exports = {
     let values;
     try {
       // error thrown if migration hasn't taken place
-      values = await frappe.db.getSingleValues({
-        fieldname: 'internalPrecision',
-        parent: 'SystemSettings',
-      });
+      values = await frappe.db.getSingleValues(
+        {
+          fieldname: 'internalPrecision',
+          parent: 'SystemSettings',
+        },
+        {
+          fieldname: 'displayPrecision',
+          parent: 'SystemSettings',
+        }
+      );
     } catch {
       values = [];
     }
 
-    let { internalPrecision: precision } = values.reduce(
-      (acc, { fieldname, value }) => {
+    let { internalPrecision: precision, displayPrecision: display } =
+      values.reduce((acc, { fieldname, value }) => {
         acc[fieldname] = value;
         return acc;
-      },
-      {}
-    );
-
-    if (typeof precision === 'undefined') {
-      precision = this.getMeta('SystemSettings').fields.find(
-        (f) => f.fieldname === 'internalPrecision'
-      )?.default;
-    }
+      }, {});
 
     if (typeof precision === 'undefined') {
       precision = DEFAULT_INTERNAL_PRECISION;
@@ -50,7 +51,15 @@ module.exports = {
       precision = parseInt(precision);
     }
 
-    this.pesa = getMoneyMaker({ currency, precision });
+    if (typeof display === 'undefined') {
+      display = DEFAULT_DISPLAY_PRECISION;
+    }
+
+    if (typeof display === 'string') {
+      display = parseInt(display);
+    }
+
+    this.pesa = getMoneyMaker({ currency, precision, display });
   },
 
   init(force) {
diff --git a/models/doctype/SystemSettings/SystemSettings.js b/models/doctype/SystemSettings/SystemSettings.js
index 92396cfe..c2b29e79 100644
--- a/models/doctype/SystemSettings/SystemSettings.js
+++ b/models/doctype/SystemSettings/SystemSettings.js
@@ -1,5 +1,9 @@
 const { DateTime } = require('luxon');
 const { _ } = require('frappejs/utils');
+const {
+  DEFAULT_DISPLAY_PRECISION,
+  DEFAULT_INTERNAL_PRECISION,
+} = require('../../../utils/consts');
 
 let dateFormatOptions = (() => {
   let formats = [
@@ -43,7 +47,7 @@ module.exports = {
       fieldname: 'displayPrecision',
       label: 'Display Precision',
       fieldtype: 'Int',
-      default: 2,
+      default: DEFAULT_DISPLAY_PRECISION,
       required: 1,
       minValue: 0,
       maxValue: 9,
@@ -61,7 +65,8 @@ module.exports = {
       fieldname: 'internalPrecision',
       label: 'Internal Precision',
       fieldtype: 'Int',
-      default: 11,
+      minValue: 0,
+      default: DEFAULT_INTERNAL_PRECISION,
       description: _(
         'Sets the internal precision used for monetary calculations. Above 6 should be sufficient for most currencies.'
       ),
diff --git a/utils/consts.js b/utils/consts.js
index f601d1d8..2fc503b5 100644
--- a/utils/consts.js
+++ b/utils/consts.js
@@ -1 +1,2 @@
 export const DEFAULT_INTERNAL_PRECISION = 11;
+export const DEFAULT_DISPLAY_PRECISION = 2;