I realize this reply comes a little late, but I happened to see it when answering a similar question, so, if you're still out there the answer is Yes, you can do this. Here is a sample expression you can apply to the field that will round the values to the hundredths position. Replace FIELD with your field.
Function FindLabel ( [FIELD] )
FindLabel = round([FIELD], 2)
End Function
Hope this helps and that it wasn't too late!