diff --git a/setup/doctype/global_defaults/global_defaults.py b/setup/doctype/global_defaults/global_defaults.py
index 2d57e33f1bf..94dbf0ba78b 100644
--- a/setup/doctype/global_defaults/global_defaults.py
+++ b/setup/doctype/global_defaults/global_defaults.py
@@ -36,6 +36,7 @@ keydict = {
 	'valuation_method': 'default_valuation_method',
 	'date_format': 'date_format',
 	'number_format': 'number_format',
+	'float_precision': 'float_precision',
 	'currency_format':'default_currency_format',
 	'account_url':'account_url',
 	'allow_negative_stock' : 'allow_negative_stock',
diff --git a/setup/doctype/global_defaults/global_defaults.txt b/setup/doctype/global_defaults/global_defaults.txt
index d380eef8209..0dfde11cdb7 100644
--- a/setup/doctype/global_defaults/global_defaults.txt
+++ b/setup/doctype/global_defaults/global_defaults.txt
@@ -2,7 +2,7 @@
  {
   "creation": "2013-01-10 16:34:23", 
   "docstatus": 0, 
-  "modified": "2013-01-22 16:54:48", 
+  "modified": "2013-01-24 11:48:48", 
   "modified_by": "Administrator", 
   "owner": "Administrator"
  }, 
@@ -27,11 +27,13 @@
   "permlevel": 0
  }, 
  {
+  "create": 1, 
   "doctype": "DocPerm", 
   "name": "__common__", 
   "parent": "Global Defaults", 
   "parentfield": "permissions", 
   "parenttype": "DocType", 
+  "permlevel": 0, 
   "read": 1, 
   "report": 0, 
   "role": "System Manager", 
@@ -91,6 +93,14 @@
   "label": "Number Format", 
   "options": "\n#,###.##\n#.###,##\n# ###.##\n#,##,###.##\n######"
  }, 
+ {
+  "description": "Precision for Float fields (quantities, discounts, percentages etc)", 
+  "doctype": "DocField", 
+  "fieldname": "float_precision", 
+  "fieldtype": "Select", 
+  "label": "Float Precision", 
+  "options": "2\n3\n4\n5\n6"
+ }, 
  {
   "doctype": "DocField", 
   "fieldname": "column_break1", 
@@ -403,12 +413,6 @@
   "label": "SMS Sender Name"
  }, 
  {
-  "create": 1, 
-  "doctype": "DocPerm", 
-  "permlevel": 0
- }, 
- {
-  "doctype": "DocPerm", 
-  "permlevel": 2
+  "doctype": "DocPerm"
  }
 ]
\ No newline at end of file