diff --git a/src/CONST.js b/src/CONST.js
index 82528f555656..78a2c2a8896c 100755
--- a/src/CONST.js
+++ b/src/CONST.js
@@ -285,6 +285,9 @@ const CONST = {
             ANNOUNCE: '#announce',
             ADMINS: '#admins',
         },
+        STATE: {
+            SUBMITTED: 'SUBMITTED',
+        },
         STATE_NUM: {
             OPEN: 0,
             PROCESSING: 1,
diff --git a/src/libs/ReportUtils.js b/src/libs/ReportUtils.js
index d884c770e419..e48939c5e7e9 100644
--- a/src/libs/ReportUtils.js
+++ b/src/libs/ReportUtils.js
@@ -12,6 +12,7 @@ import md5 from './md5';
 import Navigation from './Navigation/Navigation';
 import ROUTES from '../ROUTES';
 import * as NumberUtils from './NumberUtils';
+import * as NumberFormatUtils from './NumberFormatUtils';
 
 let sessionEmail;
 Onyx.connect({
@@ -571,6 +572,29 @@ function hasReportNameError(report) {
     return !_.isEmpty(lodashGet(report, 'errorFields.reportName', {}));
 }
 
+/*
+ * Builds an optimistic IOU report with a randomly generated reportID
+ */
+function buildOptimisticIOUReport(ownerEmail, recipientEmail, total, chatReportID, currency, locale) {
+    const formattedTotal = NumberFormatUtils.format(locale,
+        total, {
+            style: 'currency',
+            currency,
+        });
+    return {
+        cachedTotal: formattedTotal,
+        chatReportID,
+        currency,
+        hasOutstandingIOU: true,
+        managerEmail: recipientEmail,
+        ownerEmail,
+        reportID: generateReportID(),
+        state: CONST.REPORT.STATE.SUBMITTED,
+        stateNum: 1,
+        total,
+    };
+}
+
 /**
  * Builds an optimistic IOU reportAction object
  *
@@ -672,6 +696,7 @@ export {
     navigateToDetailsPage,
     generateReportID,
     hasReportNameError,
+    buildOptimisticIOUReport,
     buildOptimisticIOUReportAction,
     isUnread,
 };
diff --git a/src/libs/actions/Policy.js b/src/libs/actions/Policy.js
index 3d57b70b25ea..7755bdbd6a9e 100644
--- a/src/libs/actions/Policy.js
+++ b/src/libs/actions/Policy.js
@@ -811,7 +811,7 @@ function createWorkspace() {
         expenseChatReportID,
         expenseChatData,
         expenseReportActionData,
-    } = Report.createOptimisticWorkspaceChats(policyID, workspaceName);
+    } = Report.buildOptimisticWorkspaceChats(policyID, workspaceName);
 
     // We need to use makeRequestWithSideEffects as we try to redirect to the policy right after creation
     // The policy hasn't been merged in Onyx data at this point, leading to an intermittent Not Found screen
diff --git a/src/libs/actions/Report.js b/src/libs/actions/Report.js
index 105ca3964226..80e2e7918421 100644
--- a/src/libs/actions/Report.js
+++ b/src/libs/actions/Report.js
@@ -585,7 +585,7 @@ function fetchAllReports(
 }
 
 /**
- * Creates an optimistic chat report with a randomly generated reportID and as much information as we currently have
+ * Builds an optimistic chat report with a randomly generated reportID and as much information as we currently have
  *
  * @param {Array} participantList
  * @param {String} reportName
@@ -596,7 +596,7 @@ function fetchAllReports(
  * @param {String} oldPolicyName
  * @returns {Object}
  */
-function createOptimisticChatReport(
+function buildOptimisticChatReport(
     participantList,
     reportName = 'Chat Report',
     chatType = '',
@@ -635,7 +635,7 @@ function createOptimisticChatReport(
  * @param {String} ownerEmail
  * @returns {Object}
  */
-function createOptimisticCreatedReportAction(ownerEmail) {
+function buildOptimisticCreatedReportAction(ownerEmail) {
     return {
         0: {
             actionName: CONST.REPORT.ACTIONS.TYPE.CREATED,
@@ -675,8 +675,8 @@ function createOptimisticCreatedReportAction(ownerEmail) {
  * @param {String} policyName
  * @returns {Object}
  */
-function createOptimisticWorkspaceChats(policyID, policyName) {
-    const announceChatData = createOptimisticChatReport(
+function buildOptimisticWorkspaceChats(policyID, policyName) {
+    const announceChatData = buildOptimisticChatReport(
         [currentUserEmail],
         CONST.REPORT.WORKSPACE_CHAT_ROOMS.ANNOUNCE,
         CONST.REPORT.CHAT_TYPE.POLICY_ANNOUNCE,
@@ -686,15 +686,15 @@ function createOptimisticWorkspaceChats(policyID, policyName) {
         policyName,
     );
     const announceChatReportID = announceChatData.reportID;
-    const announceReportActionData = createOptimisticCreatedReportAction(announceChatData.ownerEmail);
+    const announceReportActionData = buildOptimisticCreatedReportAction(announceChatData.ownerEmail);
 
-    const adminsChatData = createOptimisticChatReport([currentUserEmail], CONST.REPORT.WORKSPACE_CHAT_ROOMS.ADMINS, CONST.REPORT.CHAT_TYPE.POLICY_ADMINS, policyID, null, false, policyName);
+    const adminsChatData = buildOptimisticChatReport([currentUserEmail], CONST.REPORT.WORKSPACE_CHAT_ROOMS.ADMINS, CONST.REPORT.CHAT_TYPE.POLICY_ADMINS, policyID, null, false, policyName);
     const adminsChatReportID = adminsChatData.reportID;
-    const adminsReportActionData = createOptimisticCreatedReportAction(adminsChatData.ownerEmail);
+    const adminsReportActionData = buildOptimisticCreatedReportAction(adminsChatData.ownerEmail);
 
-    const expenseChatData = createOptimisticChatReport([currentUserEmail], '', CONST.REPORT.CHAT_TYPE.POLICY_EXPENSE_CHAT, policyID, currentUserEmail, true, policyName);
+    const expenseChatData = buildOptimisticChatReport([currentUserEmail], '', CONST.REPORT.CHAT_TYPE.POLICY_EXPENSE_CHAT, policyID, currentUserEmail, true, policyName);
     const expenseChatReportID = expenseChatData.reportID;
-    const expenseReportActionData = createOptimisticCreatedReportAction(expenseChatData.ownerEmail);
+    const expenseReportActionData = buildOptimisticCreatedReportAction(expenseChatData.ownerEmail);
 
     return {
         announceChatReportID,
@@ -1631,9 +1631,9 @@ export {
     readOldestAction,
     openReport,
     openPaymentDetailsPage,
-    createOptimisticWorkspaceChats,
-    createOptimisticChatReport,
-    createOptimisticCreatedReportAction,
+    buildOptimisticWorkspaceChats,
+    buildOptimisticChatReport,
+    buildOptimisticCreatedReportAction,
     updatePolicyRoomName,
     clearPolicyRoomNameErrors,
 };