JasperReports - formatting currency and date fields

I am using JasperReports and IReport to create reports for my application.

How do I format a field to display currency values properly.

e.g. I have a money/BigDecimal field, I want the value to display as
"£240.04" instead of "240.0000"

I also have a timestamp/java.util.Date field, I want it to display as
"12/03/07" instead of "12/03/2007 00:00"

Any ideas?