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As I recall the only things that sync on a Kobo are bookmarks & annotations. Also sync will download your latest purchases and check for firmware updates.
I suppose you could place a bookmark when you stop reading and that should sync to the same book on the other device? Not as handy as how the Kindle will sync the last place read, but it might get you essentially what you're asking for.
All of the books on my Kobo are sideloaded so I can't try this myself at the moment, but perhaps someone else will know.
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