Hi there, @Steven_ZA.
It is good to know that you've found out the reason of the discrepancy in the Balance Sheet report and Chart of Accounts. For reference in managing the report, feel free to visit this article: What is a Balance Sheet report in QuickBooks Online?.
If you have any other QuickBooks concerns, please don't hesitate to post again here. I'm always here ready to lend a hand. Have a good day ahead.