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So I incorporated VCC and GND in my schematic. After compilation when I see the pin finder window, the Vcc and Gnd options do not exist in the pin finder window nodes. So my guess is it(Quartus) implicitly assigned a high logic and Gnd and there is no need to explicitly make the connection to the VCC in schematic to a VCC in the pin diagram. Am I right?
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Yes.
The pin assignment editor only lists PINs, which are the variable input and outputs of your design.
The VCC symbol is not a PIN, it's just a logic constant '1', while the GND symbol is just a logic constant '0'.
There's no actual connection to the VCC or GND pins. Quartus just handles it during synthesis. Ie, consider something like "b_signal = a_signal AND rd_enable".
Now that you've set rd_enable to a constant '1', then the "AND" operation is optimized away and it just becomes b_signal = a_signal.
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There is also one more thing I wanted to ask. I need outputs to communicate with another device(AD9910 manufactured by Analog Devices). I have a HSMC prototyping board. How do I know which pins in the FPGA correspond to the prototyping board pins. For eg: I require a CMOS 3.3V output. The HSMC data sheet says that it is pin 41 in the HSMC bank. I need to tie one of my outputs to pin 41 of the HSMC board. How do I figure the appropriate pin to be assigned in the pin planner so that pin 41 of the HSMC board(which I have interfaced with the FPGA) will reflect my desired output?
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You need to take a look at both board's documentation and track the signals from the ADC to the HSMC connector to the FPGA.