  In the present article we analyze the matter-geometry coupled $f(Q,T)$ theory
of gravity. We offer the fully covariant formulation of the theory, with which
we construct the correct energy balance equation and employ it to conduct a
dynamical system analysis in a spatially flat
Friedmann-Lema\^{i}tre-Robertson-Walker spacetime. We consider three different
functional forms of the $f(Q,T)$ function, specifically, $f(Q,T)=\alpha Q+
\beta T$, $f(Q,T)=\alpha Q+ \beta T^2$, and $f(Q,T)=Q+ \alpha Q^2+ \beta T$ .
We attempt to investigate the physical capabilities of these models to describe
various cosmological epochs. We calculate Friedmann-like equations in each case
and introduce some phase space variables to simplify the equations in more
concise forms. We observe that the linear model $f(Q,T)=\alpha Q+ \beta T$ with
$\beta=0$ is completely equivalent to the GR case without cosmological constant
$\Lambda$. Further, we find that the model $f(Q,T)=\alpha Q+ \beta T^2$ with
$\beta \neq 0$ successfully depicts the observed transition from decelerated
phase to an accelerated phase of the universe. Lastly, we find that the model
$f(Q,T)= Q+ \alpha Q^2+ \beta T$ with $\alpha \neq 0$ represents an accelerated
de-Sitter epoch for the constraints $\beta < -1$ or $ \beta \geq 0$.
