diff --git a/src/libs/ReportActionsUtils.ts b/src/libs/ReportActionsUtils.ts
index df5b27635670c..30f8355260cdb 100644
--- a/src/libs/ReportActionsUtils.ts
+++ b/src/libs/ReportActionsUtils.ts
@@ -373,6 +373,14 @@ function shouldIgnoreGap(currentReportAction: ReportAction | undefined, nextRepo
     );
 }
 
+/**
+ * Returns filtered list for one transaction view as we don't want to display IOU action type in the one-transaction view
+ * Separated it from getCombinedReportActions, so it can be reused
+ */
+function getFilteredForOneTransactionView(reportActions: ReportAction[]): ReportAction[] {
+    return reportActions.filter((action) => !isSentMoneyReportAction(action));
+}
+
 /**
  * Returns a sorted and filtered list of report actions from a report and it's associated child
  * transaction thread report in order to correctly display reportActions from both reports in the one-transaction report view.
@@ -1462,6 +1470,7 @@ export {
     getTextFromHtml,
     isTripPreview,
     getIOUActionForReportID,
+    getFilteredForOneTransactionView,
 };
 
 export type {LastVisibleMessage};
diff --git a/src/pages/home/report/ReportActionItemContentCreated.tsx b/src/pages/home/report/ReportActionItemContentCreated.tsx
index a48d1d370db23..5cf247a201211 100644
--- a/src/pages/home/report/ReportActionItemContentCreated.tsx
+++ b/src/pages/home/report/ReportActionItemContentCreated.tsx
@@ -149,7 +149,7 @@ function ReportActionItemContentCreated({contextValue, parentReportAction, trans
             <OfflineWithFeedback pendingAction={action.pendingAction}>
                 {transactionThreadReport && !isEmptyObject(transactionThreadReport) ? (
                     <>
-                        {transactionCurrency !== report.currency && (
+                        {!!transaction && transactionCurrency !== report.currency && (
                             <>
                                 <MoneyReportView
                                     report={report}
diff --git a/src/pages/home/report/ReportActionsView.tsx b/src/pages/home/report/ReportActionsView.tsx
index 98c8e2dd4e8ac..220ab1aa1af13 100755
--- a/src/pages/home/report/ReportActionsView.tsx
+++ b/src/pages/home/report/ReportActionsView.tsx
@@ -213,7 +213,8 @@ function ReportActionsView({
             createdAction.pendingAction = CONST.RED_BRICK_ROAD_PENDING_ACTION.UPDATE;
         }
 
-        return [...actions, createdAction];
+        // moneyRequestActions.length === 1 indicates that we have one-transaction report and we don't want to display additonal IOU action
+        return moneyRequestActions.length === 1 ? ReportActionsUtils.getFilteredForOneTransactionView([...actions, createdAction]) : [...actions, createdAction];
     }, [allReportActions, report, transactionThreadReport]);
 
     // Get a sorted array of reportActions for both the current report and the transaction thread report associated with this report (if there is one)