It is false that the balance from Retained Earnings should be transferred to Opening Balance Equity when setting up accounts; these two accounts serve different purposes in accounting.
The statement that you should transfer the balance form Retained Earnings into Opening Bal Equity when finished setting up the accounts is false. Retained earnings are the portion of a company's profits that are kept or retained and not paid out as dividends to shareholders. This balance is carried over to the next accounting period. The Opening Balance Equity is a special account used in accounting software to deal with any discrepancies when setting up the company file. If the beginning balances are entered correctly, the Opening Balance Equity should be zero once all balances are entered. Normally, the retained earnings should be left intact in their own account when carrying forward to a new financial period.