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Thanks for your reply, @SG_Commexis.
In the first instance, I appreciate you adding a screenshot to your concern. Let me clear things out so you'll be able to see the option in QuickBooks Online.
You can see the option once you've changed the Income account of your item. Then, the Also update this account in historical transactions box will appear. Please see the visual guide below for your reference:
You can visit this article for additional information: Change the account for a product/service item.
Moreover, I'll be adding this handy resource that can help you pull up reports that can give you a snapshot of your business and personalize them to modify the information according to your needs.
I’m always ready to assist you if you have any other questions or concerns about managing your items in QBO. Thanks for dropping by, wishing you a good one.