The first point to recognise is that opening balances do not necessarily need to be captured before you start doing your accounts. Opening balances can be captured at any time, even way in arrears. Since EconoAccounting works on dates, you can easily add in opening balances at your convenience.

The first step to capturing opening balances is to get them from your accountant!
Use the following example.

Steps in setting up opening balances.
1) Create an account in Chart of Accounts called "Suspense account - Opening balances" - make it an expense. Do note that this account should always be zero, as all credits must always equal all debits. Make sure you have accounts created in the Chart of Accounts for each of the other balance sheet accounts.
2) Choose Cashbook, Bank Account and add in a new transaction - the opening balance. NB - Remember to put in the correct date - i.e. 1 Mar 2004. Allocate it to the correct account.
3) Choose Journals, Edit Journals. Choose "Suspense account - Opening balances".
4) Add a new transaction. Choose the right date - 1 Mar 2004, and capture the amount. The amount must be captured as a NEGATIVE number, i.e. -2000 as it is an Asset. Allocate this to the correct account - in this case Fixtures and Fittings
5) Don't worry about the bank account - that has already been captured. Capture the next transaction ie. -12000 and allocate to Debtors.
6) The Liabilities are then captured. Capture them as a POSITIVE number, ie. 5000 and allocate it to the correct account. 5000 is allocated to Long term loans, 7000 to Creditors and 11000 to Retained Income.

It is done! Check by choosing Reports, Financial statements, and the right dates ie. 1 Mar 2004 to 1 Mar 2004.
The balance sheet should be perfect. If you have made an error, choose Journals Edit Journals, the account "Suspense account - Opening balances" and fix any errors.

Notes:
In this example we have captured debtors as a global figure. Ideally debtors should be captured for each individual customer. This is easily repaired as follows:
Make sure you have individual balances for debtors that exactly adds up to the final debtors figure.
Let us assume that in our example the R12000 is made up of 2 debtors, customer A owes R5000 and B owes R7000. Make sure that both customers have been created.
In Journals, Edit journal, choose "Suspense account - Opening balances" and find the one transacton that refers to Debtors. The current allocation is R12000 to Debtors.
Change the allocation amount to R5000, and choose Customer A as the "supplier/contact" and SAVE. The system will automatically make a second transacton for R7000. Allocate that to DEBTORS and Customer B.