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How do I restrict what is showing up in the Latest News module
beyond the - Content, Static Content, or BOTH options.

I'd like to restrict the Latest News to ONLY Latest News (News)
and/or with NewsFlash, BUT restrict any new content in
things like FAQ or other categories.

Searching the forum for items with "FAQ" or other items leads
to gizillion finds. Maybe it would be helpful to create a
category in the FORUM for MODULE FAQs related to
specific modules.

I would like to have ONLY NEWS show up on my
frontpage listing of Latest News, not anything new.
There is a difference between news and new items.
I do not want to have new FAQs or NewFlashes
be part of LatestNews listing.

Any suggestions?

If you go to the module manager and open the latest news module, it has places for you to sepcify what sections and categories you wish to have included.

update:
FYI I just searched; latest news module
and in the first 5 posts there were two that answered this question.