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The set-SPManagedAccount powershell command used as follows:

set-spmanagedaccount -identity "domain\validdomainaccount"

returns the following message: The account domain\validdomainaccount was not found.

Can someone help me with this? Is their something that needs to be done to the domain account before setting up as a managed account?

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I found the answer. Using new_spmanagedaccount is the appropriate command.

$cred = Get-Credential
new-spmanagedaccount -Credential $cred
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