diff --git a/erpnext/assets/doctype/asset/asset.py b/erpnext/assets/doctype/asset/asset.py
index 243ad009050..e499b5e0faa 100644
--- a/erpnext/assets/doctype/asset/asset.py
+++ b/erpnext/assets/doctype/asset/asset.py
@@ -308,12 +308,14 @@ class Asset(AccountsController):
 				)
 
 	def validate_precision(self):
-		float_precision = cint(frappe.db.get_default("float_precision")) or 2
 		if self.gross_purchase_amount:
-			self.gross_purchase_amount = flt(self.gross_purchase_amount, float_precision)
+			self.gross_purchase_amount = flt(
+				self.gross_purchase_amount, self.precision("gross_purchase_amount")
+			)
+
 		if self.opening_accumulated_depreciation:
 			self.opening_accumulated_depreciation = flt(
-				self.opening_accumulated_depreciation, float_precision
+				self.opening_accumulated_depreciation, self.precision("opening_accumulated_depreciation")
 			)
 
 	def validate_asset_values(self):
@@ -487,11 +489,7 @@ class Asset(AccountsController):
 
 	def validate_expected_value_after_useful_life(self):
 		for row in self.get("finance_books"):
-			row.expected_value_after_useful_life = flt(
-				row.expected_value_after_useful_life, self.precision("gross_purchase_amount")
-			)
 			depr_schedule = get_depr_schedule(self.name, "Draft", row.finance_book)
-
 			if not depr_schedule:
 				continue
 
diff --git a/erpnext/assets/doctype/asset_depreciation_schedule/asset_depreciation_schedule.py b/erpnext/assets/doctype/asset_depreciation_schedule/asset_depreciation_schedule.py
index 679fbfe2e58..fe9fa870e0a 100644
--- a/erpnext/assets/doctype/asset_depreciation_schedule/asset_depreciation_schedule.py
+++ b/erpnext/assets/doctype/asset_depreciation_schedule/asset_depreciation_schedule.py
@@ -430,6 +430,7 @@ class AssetDepreciationSchedule(Document):
 
 			if not depreciation_amount:
 				continue
+			depreciation_amount = flt(depreciation_amount, asset_doc.precision("gross_purchase_amount"))
 			value_after_depreciation = flt(
 				value_after_depreciation - flt(depreciation_amount),
 				asset_doc.precision("gross_purchase_amount"),
@@ -443,6 +444,7 @@ class AssetDepreciationSchedule(Document):
 				depreciation_amount += flt(value_after_depreciation) - flt(
 					row.expected_value_after_useful_life
 				)
+				depreciation_amount = flt(depreciation_amount, asset_doc.precision("gross_purchase_amount"))
 				skip_row = True
 
 			if flt(depreciation_amount, asset_doc.precision("gross_purchase_amount")) > 0:
@@ -517,10 +519,13 @@ class AssetDepreciationSchedule(Document):
 						i - 1
 					].accumulated_depreciation_amount
 				else:
-					accumulated_depreciation = flt(self.opening_accumulated_depreciation)
+					accumulated_depreciation = flt(
+						self.opening_accumulated_depreciation,
+						asset_doc.precision("opening_accumulated_depreciation"),
+					)
 
-			depreciation_amount = flt(d.depreciation_amount, d.precision("depreciation_amount"))
-			value_after_depreciation -= flt(depreciation_amount)
+			value_after_depreciation -= flt(d.depreciation_amount)
+			value_after_depreciation = flt(value_after_depreciation, d.precision("depreciation_amount"))
 
 			# for the last row, if depreciation method = Straight Line
 			if (
@@ -530,12 +535,11 @@ class AssetDepreciationSchedule(Document):
 				and not date_of_return
 				and not row.shift_based
 			):
-				depreciation_amount += flt(
+				d.depreciation_amount += flt(
 					value_after_depreciation - flt(row.expected_value_after_useful_life),
 					d.precision("depreciation_amount"),
 				)
 
-			d.depreciation_amount = depreciation_amount
 			accumulated_depreciation += d.depreciation_amount
 			d.accumulated_depreciation_amount = flt(
 				accumulated_depreciation, d.precision("accumulated_depreciation_amount")