Which of the following is NOT a stage in the bank and cash system?

In the context of bank and cash systems, the stages typically involve processes directly related to managing cash flows, such as authorizing payments, making payments, and recording these transactions accurately.

Payment authorization is a crucial step that ensures that there are appropriate approvals in place before funds are disbursed, thereby preventing unauthorized transactions. The stage of payment made, which includes obtaining and keeping a receipt, is essential as it serves as proof of the transaction and helps in maintaining an accurate record of cash movements. Additionally, recording payments and receipts is vital for accurate financial reporting and reconciliation of accounts.

However, invoice preparation, while important in overall financial management, does not specifically fall under the direct operations of managing a bank and cash system. It is more associated with the accounts payable or accounts receivable processes, where an invoice is created as a request for payment or record of a sale. Therefore, it is correct to state that invoice preparation is not a stage in the bank and cash system, as it does not directly pertain to the execution or tracking of cash transactions.