Hi Kevin!
Normally, you will offset all of your opening balances to retained earnings if you are a sole proprietor.
If you are setting up a corporation, you may want to quickly speak to your accountant, as sometimes they rather you offset your opening balances to shareholder's loan. The answer seems to vary, depending on who you speak with.
Almost always, I do tell people to use the retained earnings account. If it turns out to be incorrect, it can always be changed as required.
