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)
