The short answer is "yes"!
When viewing the chart of account you will see the account balances listed as positive numbers and negative numbers (-). The positive numbers reflect how that account type normally carries a value (debit balances for assets and credit balances for liabilities). If you see a negative (-) balance in one of the accounts it means it has the opposite of what the account type normally carries in value.
A good example would be a fixed asset account. If you purchase a vehicle the value of the vehicle on the chart of accounts would have a positive or debit balance. Every year the vehicle is depreciated and there is another account "vehicle depreciation" listed as a fixed asset. This account will carry a negative balance even though it is an asset as it is reducing the value of the corresponding asset, vehicle, and carries a credit balance.
The liability section of the balance sheet works the same way. It is just that the positive account balances are credits and the negatives are debits.
