An error has occured while validating the configuration settings.

I ran into the following issue while running the SharePoint Products Configuration Wizard to configure a new SharePoint 2010 farm, the error occurred after at the first stage where you have to specify Database Access Account:



I must say this error is typical of SharePoint confusing errors leaving me to look at the application log which showed me clearly the issue:



Since I am trying to deploy SharePoint 2010 using the least privilege administration and the account mentioned in the previous error in the application log point to the Setup Account, so I went to SQL 2008 and added the Setup Account to SQL Logins account with the fiollowing Server Roles:

dbcreator
securityadmin

Then ran configuration wizard an that did the tick. Also, the issue might be a firewall issue, if this is the case this you can follow MS KB 968872 article