what is opening balance equity in quickbooks

I'm confused, how do you use Opening Balance Equity?

I tried to do my research but I am still having a hard time understanding the function of QB Opening Balance Equity. Can someone REALLY break it down for me? From what I've gathered, the OBE account is for entering the balance of an account when it first connects with QuickBooks, but beyond that I'm lost. I'm still pretty new to QuickBooks, almost a year working with it but the company I work for has had QuickBooks for many years and a lot of the accounts are messed up so I'm trying to smooth it all out to the best of my knowledge. Someone before me did some journal entries in the OBE to get the balance to 0.00, but they put it into Undeposited Funds and now every time I make a bank deposit, the OBE balance is included with the checks. I just uncheck it to finalize the deposit, but is there a way to fix this? I'm trying to understand Open Balance Equity so I can know the proper place for these journal entries because they aren't making sense to me. How do you use OBE and how do you properly zero it out? Because I don't think it belongs in Undeposited Funds. Thanks.