I was going to set up a Directors account but discovered, in the chart of accounts, the Owners Drawings account. I have entered some drawings they have taken from their bank account onto this but on the COA its showing as a negative figure - is this right?
Should I be using a different account for their drawings?
You can use this account if you wish, but personally I would call it a Director's Loan account and make sure it is under "other current liability". It is correct that it is showing as a negative figure as you have credited the bank and debited the drawings account (if the drawings account is a liability account, then debiting it will show as a negative figure in the COA).
