Opening balance equity - from previous accounting software

Yes it is.  And once everything is set up you need to move OBE to owners equity

I suggest for sole proprietors and partnerships the owner/partner equity accounts look like this:

[name] Equity (do not post to this account it is a summing account)

>> Equity ( first of the year roll up drawing and investment into this account as well as retained earnings)

>> Equity Drawing (record the value you take from the business here)

>> Equity Investment (record the value you put into the business here)