SharePoint Foundation service accounts

I'm new to SharePoint Foundation and have a question regarding service accounts.  I did not configure any service accounts and now I receive the following message:

"The server farm account should not be used for other services."  Failing Services: SPTimerService (using the Network Service account).

I want to change this and found that I can do so under the credential management section.  Do I need to select the Farm account for the service to change (I don't see the SPTimerService listed)?  I setup a new domain account to use for this but my only options under "Select an account for this component" are Network Service and Local Service.

I read the following technet article but it doesn't really explain much:

If I use my new domain service account does it need any specific priviledges assigned to it in SharePoint before I add it?
Who is Participating?

[Product update] Infrastructure Analysis Tool is now available with Business Accounts.Learn More

I wear a lot of hats...

"The solutions and answers provided on Experts Exchange have been extremely helpful to me over the last few years. I wear a lot of hats - Developer, Database Administrator, Help Desk, etc., so I know a lot of things but not a lot about one thing. Experts Exchange gives me answers from people who do know a lot about one thing, in a easy to use platform." -Todd S.

Justin SmithSr. System EngineerCommented:
This is a "bug" basically, nothing you can do to completely eliminate it except disabling the rule.  The farm account should ALWAYS run the timer service, as well as a couple others.  You can ignore this warning.

However, if you're farm account is NETWORK SERIVCE, that isn't best practice (but still works).  Did you do a basic standalone install?
emauchAuthor Commented:
Yes, this is a standalone install.  Should I change the farm account and can I somehow select a domain account?
Justin SmithSr. System EngineerCommented:
Stsadm -o updatedarmcredentials.

Experts Exchange Solution brought to you by

Your issues matter to us.

Facing a tech roadblock? Get the help and guidance you need from experienced professionals who care. Ask your question anytime, anywhere, with no hassle.

Start your 7-day free trial
It's more than this solution.Get answers and train to solve all your tech problems - anytime, anywhere.Try it for free Edge Out The Competitionfor your dream job with proven skills and certifications.Get started today Stand Outas the employee with proven skills.Start learning today for free Move Your Career Forwardwith certification training in the latest technologies.Start your trial today
Microsoft SharePoint

From novice to tech pro — start learning today.