Defining asset classes

An asset class refers to the currency of your transactions. This could mean fiat currencies like the Euro, Dollar, Pound, etc., cryptocurrencies like Bitcoin, Ethereum, etc., or custom asset classes like loyalty points.

In the ledger, the asset class is represented with the currency field. You can use any name for your asset class, but it is advisable to use conventional short codes where necessary.

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Applying precision based on asset classes

Your chosen asset class determines what amounts can be transacted and their corresponding precision value. USD is 100, while BTC is up to 100 million.

Precision converts your transaction amounts to the lowest unit possible based on the asset class used in the transaction.

To apply the right precision value for an asset class, determine the lowest feasible value for the asset class. For most fiat currencies like the Dollar, the lowest value is 0.01 USD, which is 1 cent.

Next, determine the factor needed to convert it to an integer. For fiat currencies like the Dollar, its precision value is 100.

This means, with a precision value of 100:

• Fractional amount, USD 0.01 is represented as the integer 1.
• Fractional amount, USD 1000.00 is represented as the integer 100000.
• Fractional amount, USD 542.10 is represented as the integer 54210.
• Fractional amount, USD 129.12 is represented as the integer 12912.

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