Hi Gayatri,
If u have resignation letter of your employee at your desk 1st of all u have to circulize the NOC (No objection certificate to relieve the employee) and take signature from all department heads which u have in your organization.After receiving the NOC you have to prepare Inter office memo addressing to Account department to calculate the final settlement.
In IOM u have to mention the Worked days for running month, ELs upto last working day, Overtime Hrs etc as per your organization benefits. If the person given resignation letter before 1 month, no need to deduct 1 month notice period otherwise u have to deduct 1 month notice period as per releiving person's resignation letter date and we have to conduct the Exit interview.
One more benefit to ex-employee is bonus - the person is eligible for bonus for his/her past worked days.
Then finally PF, It will come after 45days of resignation letter the ex-employee can apply for PF claim.