diff --git a/src/components/Form.js b/src/components/Form.js
index 4f4c7527cf1d..ed765ac435c1 100644
--- a/src/components/Form.js
+++ b/src/components/Form.js
@@ -82,7 +82,6 @@ const defaultProps = {
     isSubmitButtonVisible: true,
     formState: {
         isLoading: false,
-        errors: null,
     },
     draftValues: {},
     enabledWhenOffline: false,
diff --git a/src/libs/actions/IOU.js b/src/libs/actions/IOU.js
index f0905eca0a89..868ef1bdba64 100644
--- a/src/libs/actions/IOU.js
+++ b/src/libs/actions/IOU.js
@@ -1438,46 +1438,52 @@ function payMoneyRequest(paymentType, chatReport, iouReport) {
  * Initialize money request info and navigate to the MoneyRequest page
  * @param {String} iouType
  * @param {String} reportID
+ * @returns {Promise}
  */
 function startMoneyRequest(iouType, reportID = '') {
-    resetMoneyRequestInfo(`${iouType}${reportID}`).then(() => {
+    return resetMoneyRequestInfo(`${iouType}${reportID}`).then(() => {
         Navigation.navigate(ROUTES.getMoneyRequestRoute(iouType, reportID));
     });
 }
 
 /**
  * @param {String} id
+ * @returns {Promise}
  */
 function setMoneyRequestId(id) {
-    Onyx.merge(ONYXKEYS.IOU, {id});
+    return Onyx.merge(ONYXKEYS.IOU, {id});
 }
 
 /**
  * @param {Number} amount
+ * @returns {Promise}
  */
 function setMoneyRequestAmount(amount) {
-    Onyx.merge(ONYXKEYS.IOU, {amount});
+    return Onyx.merge(ONYXKEYS.IOU, {amount});
 }
 
 /**
  * @param {String} currency
+ * @returns {Promise}
  */
 function setMoneyRequestCurrency(currency) {
-    Onyx.merge(ONYXKEYS.IOU, {currency});
+    return Onyx.merge(ONYXKEYS.IOU, {currency});
 }
 
 /**
  * @param {String} comment
+ * @returns {Promise}
  */
 function setMoneyRequestDescription(comment) {
-    Onyx.merge(ONYXKEYS.IOU, {comment: comment.trim()});
+    return Onyx.merge(ONYXKEYS.IOU, {comment: comment.trim()});
 }
 
 /**
  * @param {Object[]} participants
+ * @returns {Promise}
  */
 function setMoneyRequestParticipants(participants) {
-    Onyx.merge(ONYXKEYS.IOU, {participants});
+    return Onyx.merge(ONYXKEYS.IOU, {participants});
 }
 
 export {
diff --git a/src/pages/iou/steps/MoneyRequestAmountPage.js b/src/pages/iou/steps/MoneyRequestAmountPage.js
index e25f7acb0553..337610f48217 100755
--- a/src/pages/iou/steps/MoneyRequestAmountPage.js
+++ b/src/pages/iou/steps/MoneyRequestAmountPage.js
@@ -379,14 +379,13 @@ function MoneyRequestAmountPage(props) {
 
     const navigateToNextPage = () => {
         const amountInSmallestCurrencyUnits = CurrencyUtils.convertToSmallestUnit(selectedCurrencyCode, Number.parseFloat(amount));
-        IOU.setMoneyRequestAmount(amountInSmallestCurrencyUnits);
-        IOU.setMoneyRequestCurrency(selectedCurrencyCode);
-
         saveAmountToState(selectedCurrencyCode, amountInSmallestCurrencyUnits);
+        const iouUpdates = [IOU.setMoneyRequestAmount(amountInSmallestCurrencyUnits), IOU.setMoneyRequestCurrency(selectedCurrencyCode)];
 
         if (isEditing.current) {
-            Navigation.goBack(ROUTES.getMoneyRequestConfirmationRoute(iouType.current, reportID.current));
-            return;
+            return Promise.all(iouUpdates).then(() => {
+                Navigation.goBack(ROUTES.getMoneyRequestConfirmationRoute(iouType.current, reportID.current));
+            });
         }
 
         const moneyRequestID = `${iouType.current}${reportID.current}`;
@@ -394,28 +393,32 @@ function MoneyRequestAmountPage(props) {
         // If the money request ID in Onyx does not match the ID from params, we want to start a new request
         // with the ID from params. We need to clear the participants in case the new request is initiated from FAB.
         if (shouldReset) {
-            IOU.setMoneyRequestId(moneyRequestID);
-            IOU.setMoneyRequestDescription('');
-            IOU.setMoneyRequestParticipants([]);
+            iouUpdates.push(IOU.setMoneyRequestId(moneyRequestID), IOU.setMoneyRequestDescription(''));
+            if (!props.report.reportID) {
+                iouUpdates.push(IOU.setMoneyRequestParticipants([]));
+            }
         }
 
-        // If a request is initiated on a report, skip the participants selection step and navigate to the confirmation page.
-        if (props.report.reportID) {
-            // Reinitialize the participants when the money request ID in Onyx does not match the ID from params
-            if (_.isEmpty(props.iou.participants) || shouldReset) {
-                const currentUserAccountID = props.currentUserPersonalDetails.accountID;
-                const participants = ReportUtils.isPolicyExpenseChat(props.report)
-                    ? [{reportID: props.report.reportID, isPolicyExpenseChat: true, selected: true}]
-                    : _.chain(props.report.participantAccountIDs)
-                          .filter((accountID) => currentUserAccountID !== accountID)
-                          .map((accountID) => ({accountID, selected: true}))
-                          .value();
-                IOU.setMoneyRequestParticipants(participants);
-            }
-            Navigation.navigate(ROUTES.getMoneyRequestConfirmationRoute(iouType.current, reportID.current));
-            return;
+        // Reinitialize the participants when the money request ID in Onyx does not match the ID from params
+        if (props.report.reportID && (_.isEmpty(props.iou.participants) || shouldReset)) {
+            const currentUserAccountID = props.currentUserPersonalDetails.accountID;
+            const participants = ReportUtils.isPolicyExpenseChat(props.report)
+                ? [{reportID: props.report.reportID, isPolicyExpenseChat: true, selected: true}]
+                : _.chain(props.report.participantAccountIDs)
+                      .filter((accountID) => currentUserAccountID !== accountID)
+                      .map((accountID) => ({accountID, selected: true}))
+                      .value();
+            iouUpdates.push(IOU.setMoneyRequestParticipants(participants));
         }
-        Navigation.navigate(ROUTES.getMoneyRequestParticipantsRoute(iouType.current));
+
+        Promise.all(iouUpdates).then(() => {
+            // If a request is initiated on a report, skip the participants selection step and navigate to the confirmation page.
+            if (props.report.reportID) {
+                Navigation.navigate(ROUTES.getMoneyRequestConfirmationRoute(iouType.current, reportID.current));
+                return;
+            }
+            Navigation.navigate(ROUTES.getMoneyRequestParticipantsRoute(iouType.current));
+        });
     };
 
     const formattedAmount = replaceAllDigits(amount, toLocaleDigit);
diff --git a/src/pages/iou/steps/MoneyRequstParticipantsPage/MoneyRequestParticipantsPage.js b/src/pages/iou/steps/MoneyRequstParticipantsPage/MoneyRequestParticipantsPage.js
index ce26079761eb..a8deb3646413 100644
--- a/src/pages/iou/steps/MoneyRequstParticipantsPage/MoneyRequestParticipantsPage.js
+++ b/src/pages/iou/steps/MoneyRequstParticipantsPage/MoneyRequestParticipantsPage.js
@@ -49,8 +49,15 @@ function MoneyRequestParticipantsPage(props) {
     const iouType = useRef(lodashGet(props.route, 'params.iouType', ''));
     const reportID = useRef(lodashGet(props.route, 'params.reportID', ''));
 
+    const addingParticipantsPromiseRef = useRef(Promise.resolve());
+    const onAddParticipants = (participants) => {
+        addingParticipantsPromiseRef.current = IOU.setMoneyRequestParticipants(participants);
+    };
+
     const navigateToNextStep = () => {
-        Navigation.navigate(ROUTES.getMoneyRequestConfirmationRoute(iouType.current, reportID.current));
+        addingParticipantsPromiseRef.current.then(() => {
+            Navigation.navigate(ROUTES.getMoneyRequestConfirmationRoute(iouType.current, reportID.current));
+        });
     };
 
     const navigateBack = (forceFallback = false) => {
@@ -98,13 +105,13 @@ function MoneyRequestParticipantsPage(props) {
                         <MoneyRequestParticipantsSplitSelector
                             onStepComplete={navigateToNextStep}
                             participants={props.iou.participants}
-                            onAddParticipants={IOU.setMoneyRequestParticipants}
+                            onAddParticipants={onAddParticipants}
                             safeAreaPaddingBottomStyle={safeAreaPaddingBottomStyle}
                         />
                     ) : (
                         <MoneyRequestParticipantsSelector
                             onStepComplete={navigateToNextStep}
-                            onAddParticipants={IOU.setMoneyRequestParticipants}
+                            onAddParticipants={onAddParticipants}
                             safeAreaPaddingBottomStyle={safeAreaPaddingBottomStyle}
                             iouType={iouType.current}
                         />
diff --git a/src/setup/index.js b/src/setup/index.js
index dee506302e81..94aa27707012 100644
--- a/src/setup/index.js
+++ b/src/setup/index.js
@@ -33,10 +33,6 @@ export default function () {
             [ONYXKEYS.SESSION]: {loading: false},
             [ONYXKEYS.ACCOUNT]: CONST.DEFAULT_ACCOUNT_DATA,
             [ONYXKEYS.NETWORK]: {isOffline: false},
-            [ONYXKEYS.IOU]: {
-                loading: false,
-                error: false,
-            },
             [ONYXKEYS.IS_SIDEBAR_LOADED]: false,
             [ONYXKEYS.SHOULD_SHOW_COMPOSE_INPUT]: true,
         },