diff --git a/docs/customization/custom-fields.md b/docs/customization/custom-fields.md
index c443fa9f6..81aaa5247 100644
--- a/docs/customization/custom-fields.md
+++ b/docs/customization/custom-fields.md
@@ -13,6 +13,7 @@ Custom fields may be created by navigating to Customization > Custom Fields. Net
 * Text: Free-form text (intended for single-line use)
 * Long text: Free-form of any length; supports Markdown rendering
 * Integer: A whole number (positive or negative)
+* Decimal: A fixed-precision decimal number (4 decimal places)
 * Boolean: True or false
 * Date: A date in ISO 8601 format (YYYY-MM-DD)
 * URL: This will be presented as a link in the web UI
diff --git a/netbox/extras/models/customfields.py b/netbox/extras/models/customfields.py
index 56cbf6b4e..54b751a51 100644
--- a/netbox/extras/models/customfields.py
+++ b/netbox/extras/models/customfields.py
@@ -323,8 +323,8 @@ class CustomField(CloningMixin, ExportTemplatesMixin, WebhooksMixin, ChangeLogge
             field = forms.DecimalField(
                 required=required,
                 initial=initial,
-                max_digits=10,
-                decimal_places=2,
+                max_digits=12,
+                decimal_places=4,
             )
 
         # Boolean