When setting up Database connection receiving error "Unable to set the Logon As Service right for (Service Account). GetLastError returned 1332"

Symptom:

While trying to make changes to the SQL service account the error message below is displayed: 

Cause:

This error is caused by the account not having the correct "Logon As Service" right on the server or domain. 

Resolution:

To resolve this issue please give your SQL DB service account the "Logon As Service" right before configuration through the wizard. 

Microsoft has instructions for giving this right at this page: https://technet.microsoft.com/en-us/library/cc794944(v=ws.10).aspx