The way I used to do this was to accept all revision deletions for which there was an associated addition. For deletions where there wasn't an associated addition, I'd make one (e.g. replace a space character) and accept the deletion. That way, I could produce a document with additions in red and/or change bars in the margins. Once the update had been distributed, I'd accept all the additions, too, so all there'd be is a plain document waiting for the next round of revisions.

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Cheers,
Paul Edstein
[Fmr MS MVP - Word]