Hi David. I re arranged the sequence of the multiple IFs. I hope I got the formula right as per your requirement.
Code:
'=IF(P6=0,"OUTSTANDING",IF(AND(P6>0,P6<I6,R6="CANCELLED"),"CANCELLED",IF(AND(P6<I6, P6>0,R6=""),"PARTIAL",IF(AND(P6>0,P6<I6,R6,"CANCELLED*"),"PARTIAL ISSUE-CANCELLED",IF(P6=I6,"COMPLETE")))))