Opening balances

Opening balances

Hi me again,
So I migrated from Wave last year when they began to cut out non north-American users.
Seeing as I did this at the start of the 2021 financial year I probably shouldn't have migrated but I did.
I've never been one for balancing the books for a few reasons, chiefly because I don't understand the process to do it nor the need.
But, I now find myself with a bunch of account that have 'opening balances' the vast majority of which, if not all, will be incorrect. And now that I am starting o do my 2021 tax return I need to grasp the nettle and deal with them.
Should I just add adjustment transaction in Settings -> Opening Balances?
If a balance is $70 debit I'd just add a credit of $70?