diff --git a/frappe/core/doctype/system_settings/system_settings.json b/frappe/core/doctype/system_settings/system_settings.json
index 45b9822e44..d56289f137 100644
--- a/frappe/core/doctype/system_settings/system_settings.json
+++ b/frappe/core/doctype/system_settings/system_settings.json
@@ -1,5 +1,6 @@
 {
  "allow_copy": 0, 
+ "allow_guest_to_view": 0, 
  "allow_import": 0, 
  "allow_rename": 0, 
  "beta": 0, 
@@ -21,6 +22,7 @@
    "ignore_user_permissions": 0, 
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
+   "in_global_search": 0, 
    "in_list_view": 0, 
    "in_standard_filter": 0, 
    "label": "", 
@@ -48,6 +50,7 @@
    "ignore_user_permissions": 0, 
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
+   "in_global_search": 0, 
    "in_list_view": 0, 
    "in_standard_filter": 0, 
    "label": "Country", 
@@ -77,6 +80,7 @@
    "ignore_user_permissions": 0, 
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
+   "in_global_search": 0, 
    "in_list_view": 1, 
    "in_standard_filter": 0, 
    "label": "Language", 
@@ -105,6 +109,7 @@
    "ignore_user_permissions": 0, 
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
+   "in_global_search": 0, 
    "in_list_view": 0, 
    "in_standard_filter": 0, 
    "length": 0, 
@@ -132,6 +137,7 @@
    "ignore_user_permissions": 0, 
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
+   "in_global_search": 0, 
    "in_list_view": 0, 
    "in_standard_filter": 0, 
    "label": "Time Zone", 
@@ -159,6 +165,7 @@
    "ignore_user_permissions": 0, 
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
+   "in_global_search": 0, 
    "in_list_view": 0, 
    "in_standard_filter": 0, 
    "label": "Setup Complete", 
@@ -187,6 +194,7 @@
    "ignore_user_permissions": 0, 
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
+   "in_global_search": 0, 
    "in_list_view": 0, 
    "in_standard_filter": 0, 
    "label": "Date and Number Format", 
@@ -214,6 +222,7 @@
    "ignore_user_permissions": 0, 
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
+   "in_global_search": 0, 
    "in_list_view": 0, 
    "in_standard_filter": 0, 
    "label": "Date Format", 
@@ -242,6 +251,7 @@
    "ignore_user_permissions": 0, 
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
+   "in_global_search": 0, 
    "in_list_view": 0, 
    "in_standard_filter": 0, 
    "length": 0, 
@@ -269,6 +279,7 @@
    "ignore_user_permissions": 0, 
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
+   "in_global_search": 0, 
    "in_list_view": 0, 
    "in_standard_filter": 0, 
    "label": "Number Format", 
@@ -297,12 +308,13 @@
    "ignore_user_permissions": 0, 
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
+   "in_global_search": 0, 
    "in_list_view": 0, 
    "in_standard_filter": 0, 
    "label": "Float Precision", 
    "length": 0, 
    "no_copy": 0, 
-   "options": "\n2\n3\n4\n5\n6", 
+   "options": "\n2\n3\n4\n5\n6\n7\n8\n9", 
    "permlevel": 0, 
    "print_hide": 0, 
    "print_hide_if_no_value": 0, 
@@ -314,6 +326,37 @@
    "set_only_once": 0, 
    "unique": 0
   }, 
+  {
+   "allow_on_submit": 0, 
+   "bold": 0, 
+   "collapsible": 0, 
+   "columns": 0, 
+   "description": "If not set, the currency precision will depend on number format", 
+   "fieldname": "currency_precision", 
+   "fieldtype": "Select", 
+   "hidden": 0, 
+   "ignore_user_permissions": 0, 
+   "ignore_xss_filter": 0, 
+   "in_filter": 0, 
+   "in_global_search": 0, 
+   "in_list_view": 0, 
+   "in_standard_filter": 0, 
+   "label": "Currency Precision", 
+   "length": 0, 
+   "no_copy": 0, 
+   "options": "\n1\n2\n3\n4\n5\n6\n7\n8\n9", 
+   "permlevel": 0, 
+   "precision": "", 
+   "print_hide": 0, 
+   "print_hide_if_no_value": 0, 
+   "read_only": 0, 
+   "remember_last_selected_value": 0, 
+   "report_hide": 0, 
+   "reqd": 0, 
+   "search_index": 0, 
+   "set_only_once": 0, 
+   "unique": 0
+  }, 
   {
    "allow_on_submit": 0, 
    "bold": 0, 
@@ -325,6 +368,7 @@
    "ignore_user_permissions": 0, 
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
+   "in_global_search": 0, 
    "in_list_view": 0, 
    "in_standard_filter": 0, 
    "label": "Backups", 
@@ -355,6 +399,7 @@
    "ignore_user_permissions": 0, 
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
+   "in_global_search": 0, 
    "in_list_view": 0, 
    "in_standard_filter": 0, 
    "label": "Number of Backups", 
@@ -383,6 +428,7 @@
    "ignore_user_permissions": 0, 
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
+   "in_global_search": 0, 
    "in_list_view": 0, 
    "in_standard_filter": 0, 
    "label": "Background Workers", 
@@ -412,6 +458,7 @@
    "ignore_user_permissions": 0, 
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
+   "in_global_search": 0, 
    "in_list_view": 0, 
    "in_standard_filter": 0, 
    "label": "Enable Scheduled Jobs", 
@@ -439,6 +486,7 @@
    "ignore_user_permissions": 0, 
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
+   "in_global_search": 0, 
    "in_list_view": 0, 
    "in_standard_filter": 0, 
    "label": "Scheduler Last Event", 
@@ -467,6 +515,7 @@
    "ignore_user_permissions": 0, 
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
+   "in_global_search": 0, 
    "in_list_view": 0, 
    "in_standard_filter": 0, 
    "label": "Security", 
@@ -496,6 +545,7 @@
    "ignore_user_permissions": 0, 
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
+   "in_global_search": 0, 
    "in_list_view": 0, 
    "in_standard_filter": 0, 
    "label": "Session Expiry", 
@@ -526,6 +576,7 @@
    "ignore_user_permissions": 0, 
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
+   "in_global_search": 0, 
    "in_list_view": 0, 
    "in_standard_filter": 0, 
    "label": "Session Expiry Mobile", 
@@ -554,6 +605,7 @@
    "ignore_user_permissions": 0, 
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
+   "in_global_search": 0, 
    "in_list_view": 0, 
    "in_standard_filter": 0, 
    "length": 0, 
@@ -582,6 +634,7 @@
    "ignore_user_permissions": 0, 
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
+   "in_global_search": 0, 
    "in_list_view": 0, 
    "in_standard_filter": 0, 
    "label": "Allow only one session per user", 
@@ -611,6 +664,7 @@
    "ignore_user_permissions": 0, 
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
+   "in_global_search": 0, 
    "in_list_view": 0, 
    "in_standard_filter": 0, 
    "label": "Ignore User Permissions If Missing", 
@@ -639,6 +693,7 @@
    "ignore_user_permissions": 0, 
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
+   "in_global_search": 0, 
    "in_list_view": 0, 
    "in_standard_filter": 0, 
    "label": "EMail", 
@@ -668,6 +723,7 @@
    "ignore_user_permissions": 0, 
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
+   "in_global_search": 0, 
    "in_list_view": 0, 
    "in_standard_filter": 0, 
    "label": "Email Footer Address", 
@@ -696,6 +752,7 @@
    "ignore_user_permissions": 0, 
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
+   "in_global_search": 0, 
    "in_list_view": 0, 
    "in_standard_filter": 0, 
    "length": 0, 
@@ -723,6 +780,7 @@
    "ignore_user_permissions": 0, 
    "ignore_xss_filter": 0, 
    "in_filter": 0, 
+   "in_global_search": 0, 
    "in_list_view": 0, 
    "in_standard_filter": 0, 
    "label": "Disable Standard Email Footer", 
@@ -741,18 +799,18 @@
    "unique": 0
   }
  ], 
+ "has_web_view": 0, 
  "hide_heading": 0, 
  "hide_toolbar": 0, 
  "icon": "fa fa-cog", 
  "idx": 0, 
  "image_view": 0, 
  "in_create": 0, 
- "in_dialog": 0, 
  "is_submittable": 0, 
  "issingle": 1, 
  "istable": 0, 
  "max_attachments": 0, 
- "modified": "2016-12-29 14:40:33.023468", 
+ "modified": "2017-04-13 02:23:18.660325", 
  "modified_by": "Administrator", 
  "module": "Core", 
  "name": "System Settings", 
@@ -769,7 +827,6 @@
    "export": 0, 
    "if_owner": 0, 
    "import": 0, 
-   "is_custom": 0, 
    "permlevel": 0, 
    "print": 0, 
    "read": 1, 
@@ -784,6 +841,7 @@
  "quick_entry": 1, 
  "read_only": 0, 
  "read_only_onload": 0, 
+ "show_name_in_global_search": 0, 
  "sort_order": "ASC", 
  "track_changes": 1, 
  "track_seen": 0
diff --git a/frappe/model/meta.py b/frappe/model/meta.py
index f792e1c809..23513beea5 100644
--- a/frappe/model/meta.py
+++ b/frappe/model/meta.py
@@ -441,22 +441,10 @@ def get_field_precision(df, doc=None, currency=None):
 		precision = cint(df.precision)
 
 	elif df.fieldtype == "Currency":
-		number_format = None
-		if not currency and doc:
-			currency = get_field_currency(df, doc)
-
-		if not currency:
-			# use default currency
-			currency = frappe.db.get_default("currency")
-
-		if currency:
-			number_format = frappe.db.get_value("Currency", currency, "number_format", cache=True)
-
-		if not number_format:
+		precision = cint(frappe.db.get_default("currency_precision"))
+		if not precision:
 			number_format = frappe.db.get_default("number_format") or "#,###.##"
-
-		decimal_str, comma_str, precision = get_number_format_info(number_format)
-
+			decimal_str, comma_str, precision = get_number_format_info(number_format)
 	else:
 		precision = cint(frappe.db.get_default("float_precision")) or 3
 
diff --git a/frappe/public/js/frappe/form/control.js b/frappe/public/js/frappe/form/control.js
index bbeaec99bc..fe153323f3 100755
--- a/frappe/public/js/frappe/form/control.js
+++ b/frappe/public/js/frappe/form/control.js
@@ -600,7 +600,11 @@ frappe.ui.form.ControlCurrency = frappe.ui.form.ControlFloat.extend({
 		// always round based on field precision or currency's precision
 		// this method is also called in this.parse()
 		if (!this.df.precision) {
-			this.df.precision = get_number_format_info(this.get_number_format()).precision;
+			if(frappe.boot.sysdefaults.currency_precision) {
+				this.df.precision = frappe.boot.sysdefaults.currency_precision;
+			} else {
+				this.df.precision = get_number_format_info(this.get_number_format()).precision;
+			}
 		}
 
 		return this.df.precision;
diff --git a/frappe/public/js/frappe/form/formatters.js b/frappe/public/js/frappe/form/formatters.js
index 9f8c0f9d94..5a015dc6e9 100644
--- a/frappe/public/js/frappe/form/formatters.js
+++ b/frappe/public/js/frappe/form/formatters.js
@@ -52,8 +52,9 @@ frappe.form.formatters = {
 	},
 	Currency: function(value, docfield, options, doc) {
 		var currency = frappe.meta.get_field_currency(docfield, doc);
+		var precision = docfield.precision || cint(frappe.boot.sysdefaults.currency_precision) || 2;
 		return frappe.form.formatters._right((value==null || value==="")
-			? "" : format_currency(value, currency, docfield.precision || null), options);
+			? "" : format_currency(value, currency, docfield.precision), options);
 	},
 	Check: function(value) {
 		if(value) {
diff --git a/frappe/public/js/frappe/misc/number_format.js b/frappe/public/js/frappe/misc/number_format.js
index f9fda64320..e8bd8925bf 100644
--- a/frappe/public/js/frappe/misc/number_format.js
+++ b/frappe/public/js/frappe/misc/number_format.js
@@ -59,16 +59,16 @@ function strip_number_groups(v, number_format) {
 
 
 frappe.number_format_info = {
-	"#,###.##": {decimal_str:".", group_sep:",", precision:2},
-	"#.###,##": {decimal_str:",", group_sep:".", precision:2},
-	"# ###.##": {decimal_str:".", group_sep:" ", precision:2},
-	"# ###,##": {decimal_str:",", group_sep:" ", precision:2},
-	"#'###.##": {decimal_str:".", group_sep:"'", precision:2},
-	"#, ###.##": {decimal_str:".", group_sep:", ", precision:2},
-	"#,##,###.##": {decimal_str:".", group_sep:",", precision:2},
-	"#,###.###": {decimal_str:".", group_sep:",", precision:3},
-	"#.###": {decimal_str:"", group_sep:".", precision:0},
-	"#,###": {decimal_str:"", group_sep:",", precision:0},
+	"#,###.##": {decimal_str:".", group_sep:","},
+	"#.###,##": {decimal_str:",", group_sep:"."},
+	"# ###.##": {decimal_str:".", group_sep:" "},
+	"# ###,##": {decimal_str:",", group_sep:" "},
+	"#'###.##": {decimal_str:".", group_sep:"'"},
+	"#, ###.##": {decimal_str:".", group_sep:", "},
+	"#,##,###.##": {decimal_str:".", group_sep:","},
+	"#,###.###": {decimal_str:".", group_sep:","},
+	"#.###": {decimal_str:"", group_sep:"."},
+	"#,###": {decimal_str:"", group_sep:","},
 }
 
 window.format_number = function(v, format, decimals){
@@ -127,6 +127,7 @@ window.format_number = function(v, format, decimals){
 function format_currency(v, currency, decimals) {
 	var format = get_number_format(currency);
 	var symbol = get_currency_symbol(currency);
+	var decimals = frappe.boot.sysdefaults.currency_precision || null;
 
 	if(symbol)
 		return symbol + " " + format_number(v, format, decimals);
@@ -151,29 +152,19 @@ function get_currency_symbol(currency) {
 
 var global_number_format = null;
 function get_number_format(currency) {
-	if(!global_number_format) {
-		if (frappe.boot && frappe.boot.sysdefaults) {
-			global_number_format = frappe.boot.sysdefaults.number_format
-				|| frappe.model.get_value(":Currency", frappe.boot.sysdefaults.currency, "number_format");
-		}
-
-		global_number_format = global_number_format || "#,###.##";
-	}
-
-	var number_format;
-	if(currency && frappe.boot) {
-		number_format = frappe.model.get_value(":Currency", currency,
-			"number_format");
-	}
-
-	return number_format || global_number_format;
+	return (frappe.boot && frappe.boot.sysdefaults.number_format) || "#,###.##";
 }
 
 function get_number_format_info(format) {
 	var info = frappe.number_format_info[format];
+
 	if(!info) {
-		info = {decimal_str:".", group_sep:",", precision:2};
+		info = {decimal_str:".", group_sep:","};
 	}
+
+	// get the precision from the number format
+	info.precision = format.split(info.decimal_str).slice(1)[0].length;
+
 	return info;
 }
 
diff --git a/frappe/public/js/legacy/datatype.js b/frappe/public/js/legacy/datatype.js
index 9af26d8d17..6834d206c0 100644
--- a/frappe/public/js/legacy/datatype.js
+++ b/frappe/public/js/legacy/datatype.js
@@ -8,7 +8,7 @@ frappe.utils.full_name = function(fn, ln) {
 function fmt_money(v, format){
 	// deprecated!
 	// for backward compatibility
-	return format_number(v, format);
+	return format_currency(v, format);
 }
 
 
diff --git a/frappe/tests/test_fmt_money.py b/frappe/tests/test_fmt_money.py
index 10fb71beed..80afdc8791 100644
--- a/frappe/tests/test_fmt_money.py
+++ b/frappe/tests/test_fmt_money.py
@@ -4,63 +4,7 @@ from __future__ import unicode_literals
 
 import frappe
 from frappe import _
-from frappe.utils import flt, cstr
-
-def fmt_money(amount, precision=None):
-	"""
-	Convert to string with commas for thousands, millions etc
-	"""
-	
-	number_format = frappe.db.get_default("number_format") or "#,###.##"
-	decimal_str, comma_str, precision = get_number_format_info(number_format)
-	
-	
-	amount = '%.*f' % (precision, flt(amount))
-	if amount.find('.') == -1:
-		decimals = ''
-	else: 
-		decimals = amount.split('.')[1]
-
-	parts = []
-	minus = ''
-	if flt(amount) < 0: 
-		minus = '-'
-
-	amount = cstr(abs(flt(amount))).split('.')[0]
-
-	if len(amount) > 3:
-		parts.append(amount[-3:])
-		amount = amount[:-3]
-
-		val = number_format=="#,##,###.##" and 2 or 3
-
-		while len(amount) > val:
-			parts.append(amount[-val:])
-			amount = amount[:-val]
-
-	parts.append(amount)
-
-	parts.reverse()
-
-	amount = comma_str.join(parts) + (precision and (decimal_str + decimals) or "")
-	amount = minus + amount
-
-	return amount
-	
-def get_number_format_info(format):
-	if format=="#.###":
-		return "", ".", 0
-	elif format=="#,###":
-		return "", ",", 0
-	elif format=="#,###.##" or format=="#,##,###.##":
-		return ".", ",", 2
-	elif format=="#.###,##":
-		return ",", ".", 2
-	elif format=="# ###.##":
-		return ".", " ", 2
-	else:
-		return ".", ",", 2
-
+from frappe.utils import flt, cstr, fmt_money
 import unittest
 
 class TestFmtMoney(unittest.TestCase):
@@ -119,6 +63,19 @@ class TestFmtMoney(unittest.TestCase):
 		self.assertEquals(fmt_money(-100.3), "-100")
 		self.assertEquals(fmt_money(-1000.3), "-1,000")
 
+	def test_currency_precision(self):
+		frappe.db.set_default("currency_precision", "4")
+		frappe.db.set_default("number_format", "#,###.##")
+		self.assertEquals(fmt_money(100), "100.0000")
+		self.assertEquals(fmt_money(1000), "1,000.0000")
+		self.assertEquals(fmt_money(10000), "10,000.0000")
+		self.assertEquals(fmt_money(100000), "100,000.0000")
+		self.assertEquals(fmt_money(1000000), "1,000,000.0000")
+		self.assertEquals(fmt_money(10000000), "10,000,000.0000")
+		self.assertEquals(fmt_money(100000000), "100,000,000.0000")
+		self.assertEquals(fmt_money(1000000000), "1,000,000,000.0000")
+		frappe.db.set_default("currency_precision", "")
+
 if __name__=="__main__":
 	frappe.connect()
 	unittest.main()
\ No newline at end of file
diff --git a/frappe/utils/data.py b/frappe/utils/data.py
index 7f2b2176d1..acc15a99d1 100644
--- a/frappe/utils/data.py
+++ b/frappe/utils/data.py
@@ -348,12 +348,9 @@ def fmt_money(amount, precision=None, currency=None):
 	"""
 	Convert to string with commas for thousands, millions etc
 	"""
-	number_format = None
-	if currency:
-		number_format = frappe.db.get_value("Currency", currency, "number_format", cache=True)
-
-	if not number_format:
-		number_format = frappe.db.get_default("number_format") or "#,###.##"
+	number_format = frappe.db.get_default("number_format") or "#,###.##"
+	if precision is None:
+		precision = cint(frappe.db.get_default('currency_precision')) or None
 
 	decimal_str, comma_str, number_format_precision = get_number_format_info(number_format)