Previous Year Retained Earnings to Opening Balance

[Roger Miskowicz]

It seems to me that "Opening Balance" is similar to "Retained Earnings 
from Previous Years".  What I did when migrating to GnuCash was to set 
"Opening Balances" to the amount remaining in each of the balance sheet 
accounts.

This seems to work fine except I don't know what to do with the 
"Previous Retained Earnings" which I believe is collected since the 
birth of the company.  I am also unsure about the previous year's "Net 
Income".

Any suggestions would be much appreciated.

Thanks,
  Roger

P.S.  Not sure it is relevant but I am trying to migrate from Simply 
Accounting.