Rounding Up Integer/Currency to Higher Place Value in Reporting

I may have missed it, but how does one abbreviate a value? Example: Rounding $58,014,494 to display 58M or $390,123 to 390K?

I have reports that show sums similar to these amounts and would like to display them in a cleaner fashion as the actual amounts make the report look very congested.

My thinking is it's not possible and that I'd have to create versions of the source data already in this format, but I really hope I'm wrong.

Thanks in advance!