diff --git a/src/libs/DateUtils.ts b/src/libs/DateUtils.ts
index 804e5f78e52f4..a07e131aaeccf 100644
--- a/src/libs/DateUtils.ts
+++ b/src/libs/DateUtils.ts
@@ -31,7 +31,7 @@ import {
     subMilliseconds,
     subMinutes,
 } from 'date-fns';
-import {formatInTimeZone, fromZonedTime, toZonedTime, format as tzFormat} from 'date-fns-tz';
+import {formatInTimeZone, fromZonedTime, toDate, toZonedTime, format as tzFormat} from 'date-fns-tz';
 import {enGB} from 'date-fns/locale/en-GB';
 import {es} from 'date-fns/locale/es';
 import throttle from 'lodash/throttle';
@@ -756,7 +756,7 @@ const getTimeValidationErrorKey = (inputTime: Date): string => {
  * returns If the date is valid, returns the formatted date with the UTC timezone, otherwise returns an empty string.
  */
 function formatWithUTCTimeZone(datetime: string, dateFormat: string = CONST.DATE.FNS_FORMAT_STRING) {
-    const date = new Date(datetime);
+    const date = toDate(datetime, {timeZone: 'UTC'});
 
     if (isValid(date)) {
         return tzFormat(toZonedTime(date, 'UTC'), dateFormat);
diff --git a/src/libs/TransactionUtils/index.ts b/src/libs/TransactionUtils/index.ts
index f8374bfa358e6..d7423d5409b05 100644
--- a/src/libs/TransactionUtils/index.ts
+++ b/src/libs/TransactionUtils/index.ts
@@ -1,4 +1,4 @@
-import {parse} from 'date-fns';
+import {format, isValid, parse} from 'date-fns';
 import lodashDeepClone from 'lodash/cloneDeep';
 import lodashHas from 'lodash/has';
 import lodashIsEqual from 'lodash/isEqual';
@@ -558,7 +558,11 @@ function getPostedDate(transaction: OnyxInputOrEntry<Transaction>): string {
 function getFormattedPostedDate(transaction: OnyxInputOrEntry<Transaction>, dateFormat: string = CONST.DATE.FNS_FORMAT_STRING): string {
     const postedDate = getPostedDate(transaction);
     const parsedDate = parse(postedDate, 'yyyyMMdd', new Date());
-    return DateUtils.formatWithUTCTimeZone(parsedDate.toDateString(), dateFormat);
+
+    if (isValid(parsedDate)) {
+        return DateUtils.formatWithUTCTimeZone(format(parsedDate, 'yyyy-MM-dd'), dateFormat);
+    }
+    return '';
 }
 
 /**
diff --git a/tests/unit/DateUtilsTest.ts b/tests/unit/DateUtilsTest.ts
index 0b07e201c45f7..ff411e62f9d09 100644
--- a/tests/unit/DateUtilsTest.ts
+++ b/tests/unit/DateUtilsTest.ts
@@ -234,6 +234,12 @@ describe('DateUtils', () => {
                 expect(formattedDate).toEqual(expectedResult);
             });
         });
+
+        it('returns the correct date when the date with time is used', () => {
+            const datetimeStr = '2022-11-07 17:48:00';
+            const expectedResult = '2022-11-07';
+            expect(DateUtils.formatWithUTCTimeZone(datetimeStr)).toEqual(expectedResult);
+        });
     });
 
     describe('getLastBusinessDayOfMonth', () => {