Need to change SharePoint 2010 administrator account password which also happens to be the farm account

I need to change the password for our SharePoint 2010 administrator account which is also the farm account. This SharePoint system was setup by 2 different contractors over a year ago so we are trying to change the password for the first time. The account to be changed is the SharePoint Admin account and designated as the farm account as well.  It is in the managed accounts list butit has never actually been managed. 

I have seen a number of requests for assistance with changing the password manually for a non-managed account but the answers always seem to refer back to the Configure Managed Account section of Central Admin.  What are the steps to getting this done properly?  Is it correct to change the password in AD and than use Central Admin>Configure Managed Accounts>Credential Management>Change password now>Set account password to new value and confirm?