diff --git a/src/components/ReportActionItem/MoneyRequestPreview.js b/src/components/ReportActionItem/MoneyRequestPreview.js
index 09baa9322ff4..1855152ef640 100644
--- a/src/components/ReportActionItem/MoneyRequestPreview.js
+++ b/src/components/ReportActionItem/MoneyRequestPreview.js
@@ -167,7 +167,6 @@ function MoneyRequestPreview(props) {
     const isDistanceRequest = TransactionUtils.isDistanceRequest(props.transaction);
     const isExpensifyCardTransaction = TransactionUtils.isExpensifyCardTransaction(props.transaction);
     const isSettled = ReportUtils.isSettled(props.iouReport.reportID);
-    const isCancelled = ReportActionsUtils.isReimbursementDeQueued(props.iouReport.reportID);
     const isDeleted = lodashGet(props.action, 'pendingAction', null) === CONST.RED_BRICK_ROAD_PENDING_ACTION.DELETE;
 
     // Show the merchant for IOUs and expenses only if they are custom or not related to scanning smartscan
@@ -221,7 +220,7 @@ function MoneyRequestPreview(props) {
             message += ` • ${props.translate('iou.approved')}`;
         } else if (props.iouReport.isWaitingOnBankAccount) {
             message += ` • ${props.translate('iou.pending')}`;
-        } else if (isCancelled) {
+        } else if (props.iouReport.isCancelledIOU) {
             message += ` • ${props.translate('iou.canceled')}`;
         }
         return message;
@@ -283,7 +282,7 @@ function MoneyRequestPreview(props) {
                         <View style={styles.moneyRequestPreviewBoxText}>
                             <View style={[styles.flexRow]}>
                                 <Text style={[styles.textLabelSupporting, styles.flex1, styles.lh20, styles.mb1]}>
-                                    {getPreviewHeaderText() + (isSettled && !isCancelled ? ` • ${getSettledMessage()}` : '')}
+                                    {getPreviewHeaderText() + (isSettled && !props.iouReport.isCancelledIOU ? ` • ${getSettledMessage()}` : '')}
                                 </Text>
                                 {hasFieldErrors && (
                                     <Icon
diff --git a/src/components/ReportActionItem/MoneyRequestView.js b/src/components/ReportActionItem/MoneyRequestView.js
index 2674b332f949..0249a9f5bb11 100644
--- a/src/components/ReportActionItem/MoneyRequestView.js
+++ b/src/components/ReportActionItem/MoneyRequestView.js
@@ -109,7 +109,7 @@ function MoneyRequestView({report, parentReport, policyCategories, shouldShowHor
 
     // Flags for allowing or disallowing editing a money request
     const isSettled = ReportUtils.isSettled(moneyRequestReport.reportID);
-    const isCancelled = ReportActionsUtils.isReimbursementDeQueued(moneyRequestReport.reportID);
+    const isCancelled = moneyRequestReport && moneyRequestReport.isCancelledIOU;
     const canEdit = ReportUtils.canEditMoneyRequest(parentReportAction);
     const canEditAmount = canEdit && !isSettled && !isCardTransaction;
 
diff --git a/src/libs/ReportActionsUtils.ts b/src/libs/ReportActionsUtils.ts
index dd6e70033571..f58021e17064 100644
--- a/src/libs/ReportActionsUtils.ts
+++ b/src/libs/ReportActionsUtils.ts
@@ -109,18 +109,6 @@ function isChannelLogMemberAction(reportAction: OnyxEntry<ReportAction>) {
     );
 }
 
-/**
- * Returns whether the report is dequeued only using reportID
- */
-function isReimbursementDeQueued(reportID: string): boolean {
-    if (!allReportActions) {
-        return false;
-    }
-
-    const reportAction = Object.values(allReportActions[`${reportID}`] ?? {});
-    return reportAction.some((action) => action?.actionName === CONST.REPORT.ACTIONS.TYPE.REIMBURSEMENTDEQUEUED);
-}
-
 function isReimbursementDeQueuedAction(reportAction: OnyxEntry<ReportAction>): boolean {
     return reportAction?.actionName === CONST.REPORT.ACTIONS.TYPE.REIMBURSEMENTDEQUEUED;
 }
@@ -714,7 +702,6 @@ export {
     hasRequestFromCurrentAccount,
     getFirstVisibleReportActionID,
     isChannelLogMemberAction,
-    isReimbursementDeQueued,
     isReimbursementDeQueuedAction,
 };
 
diff --git a/src/libs/ReportUtils.ts b/src/libs/ReportUtils.ts
index 8c9afeb6b280..b6c7b3a34c33 100644
--- a/src/libs/ReportUtils.ts
+++ b/src/libs/ReportUtils.ts
@@ -1694,7 +1694,7 @@ function getMoneyRequestReportName(report: OnyxEntry<Report>, policy: OnyxEntry<
         return `${payerPaidAmountMessage} • ${Localize.translateLocal('iou.pending')}`;
     }
 
-    if (report?.reportID && ReportActionsUtils.isReimbursementDeQueued(report.reportID)) {
+    if (report?.isCancelledIOU) {
         return `${payerPaidAmountMessage} • ${Localize.translateLocal('iou.canceled')}`;
     }
 
diff --git a/src/types/onyx/Report.ts b/src/types/onyx/Report.ts
index 81a92c4bf603..d656f79a6a71 100644
--- a/src/types/onyx/Report.ts
+++ b/src/types/onyx/Report.ts
@@ -118,6 +118,9 @@ type Report = {
     /** Whether the report is waiting on a bank account */
     isWaitingOnBankAccount?: boolean;
 
+    /** Whether the report is cancelled */
+    isCancelledIOU?: boolean; 
+
     /** Whether the last message was deleted */
     isLastMessageDeletedParentAction?: boolean;