I have parallels 10 and am using windows 8.1 enterprise in the bootcamp partition. Office and Windows have been activated in both bootcamp and parallels, but when I change from either to the other, the build watermark is displayed on the desktop, and I have to reactivate both again. If i activate in either parallels or bootcamp, and do not boot to the other, office and windows remain activated. I have followed the suggestion in the following kb article with no luck. http://kb.parallels.com/en/9703