Entransy is a parameter proposed in recent years to describe the potential of heat in an object. Its balance equation was established based on the energy equation of heat transfer, which contains entransy, entransy flow, entransy dissipation and entransy production due to heat source. It has been proved that the total entransy must be reduced whenever there is heat transfer in an isolated system, leading to entransy dissipation. Entransy dissipation and entransy-based thermal resistance can be used to optimize heat conduction, heat convection, thermal radiation and the design of heat exchangers and heat exchanger networks. On the other hand, the entransy balance equation was also established for heat-work conversion processes. With the equation, entransy loss, which is the difference between the input and output heat entransy flows, was defined and related to thermodynamic processes. For the discussed thermodynamic cycles, it was found that larger entransy loss leads to larger output work.