The Income and Expenses categorize in the Profit and Loss statement, Nick. I'll discuss the details below about this.
The reason why your balance isn't shown in subsequent transactions for the same periods is that QuickBooks Online categorizes income and expenses in the profit and loss statement, which tracks performance over time. In contrast, the balance sheet provides a snapshot of assets, liabilities, and equity. As a result, only these items are visible on the balance sheet, not income or expenses. Income and expenses do not directly appear on the balance sheet unless they involve specific financial activities.
In summary, income and expenses themselves are not Balance Sheet items but become visible when they are associated with bank or credit card transactions that affect asset accounts.
Moreover, I'll provide valuable articles that can help which part of the transactions are supported in running balance sheet. These articles provide more details on it.
I'll be on the lookout for your response if you have further questions about running your balance sheet by class and will address this promptly.
