To expand a little bit, your use of both Retained earnings and Owner’s equity is perfectly acceptable. But Retained earnings is normally an account used for corporations. Profits are parked there until distributed via dividends. Partnerships can use it until profits are divided between partners and moved to capital accounts. Retained earnings is always up to date, whereas dividend and capital transactions usually only happen on quarterly or annual bases.
But for a sole proprietor, you already own all of Retained earnings, so an Owner’s equity account is redundant. The second link I sent you explains how to use just one. If you go that route now, you will have to transfer everything out. But to actually delete the unnecessary Owner’s equity account, you will actually have to recharacterize every transaction involving it to the renamed Retained earnings. To avoid confusion, do the reallocations first. Then rename the account. Otherwise you won’t be able to tell them apart.