[visual-studio-code] PHP executable not found. Install PHP 7 and add it to your PATH or set the php.executablePath setting

For me this setting was working.
In my windows 8.1 the path for php7 is

C:\user\test\tools\php7\php.exe

settings.json

 {  
 "php.executablePath":"/user/test/tools/php7/php.exe",
 "php.validate.executablePath": "/user/test/tools/php7/php.exe"
 }

see also https://github.com/microsoft/vscode/issues/533