QBO automaticaly creates Retained Earnings after closing the books. This contains the company's revenue from the previous year. With that information, updating other equity account's information isn't available.
You'll need to manually export the report to Excel and change the name from there. Pull up the report again and customise it to your preference. On the report, click the Export icon and then choose Export to Excel. You can check out this article that will help you customise your report.
Reach out to me if you need more help in running your financial statements. Have a good one!
Closing the books has nothing what so ever to do with the account Retained Earnings.
Retained Earnings is one of several equity accounts, it holds last years net profit and is posted to automatically on the first of the new year.
If you are asking about re-titling the section in the balance sheet for equity, you can not do that in QB. You could export to excel and reformat the report there.
You must have some special reason to do that. They are both not exactly the same.