Personally, I would modify the triggering conditions for the two actions, to guarantee that they would occur in the right order. Something like this ...
Action 1 triggers when record 1 is created with field X filled. The action creates record 2.
Action 2 triggers when record 2 is created. This action clears field X in record 1.
Exactly how you do this depends on some details, such as whether the two records are in the same table or different tables. If in different tables, you will need each table to have its own report-link field to the other table. If in the same table, you could create a field called something like "source ID". It would be null in record 1, but it record 2 it would have record 1's Record ID# (written as part of Action 1).