Understanding Decimal Precision Issues in PostgreSQL with ActiveRecord
When dealing with financial data or any numeric values requiring precise calculations, developers often encounter challenges related to decimal precision. PostgreSQL, a powerful relational database management system, stores decimal data with high precision. However, when used in conjunction with ActiveRecord in Ruby on Rails applications, discrepancies in precision handling can arise, leading to unexpected behavior. In this article, we'll explore the issues surrounding decimal precision in PostgreSQL, illustrate the problems they cause, and present solutions to mitigate these issues effectively.