Opening Balance of Retained Earnings

Usually QBO creates/updates Retained Earning Account automatically against Profit & Loss Accounts at every end of fiscal year. However, you can also update an opening balance of Retained Earning Account in Journal Entry by manually against only Profit and Loss Accounts. Example all revenue, cost of goods sold and expense accounts can be closed against Retained Earning Account at every end of fiscal year. That's it.

If prior Profit and Loss Statement shows profit, then make JE as Retained Earning Account (Credit) against all corresponding Profit and Loss Accounts on reversal basis (Debit and Credit). 

If prior Profit and Loss Statement shows loss, then make JE as Retained Earning Account (Debit) against all corresponding Profit and Loss Accounts on reversal basis (Debit and Credit). 

That's it.

@Shahul Hameed India 

There are no previous year's P&Ls because the OP is setting up QuickBooks for the first time.   

Thank you for your response. I proceeded with this back in October and it worked, thankfully.