Sure. Once the dying process is finished -- the shedding of the material and etheric bodies -- the soul has to process its experience from the incarnation that's just ended. That's done on the astral plane, and it can be heaven, hell, or anything in between, depending on how the incarnation has been spent. The soul basically relives its life experience, except that it can't hide from its memories or lie to itself about what it did -- it sees everything exactly as it was, complete with all the effects of every action as those cascaded outward to affect other people. This isn't a matter of reward or punishment -- the soul needs to absorb the lessons from the life just ended in order to grow -- but it can definitely feel like one or the other!

That's the main work a soul does between life. The more awake the soul has become, the more capable it has become of reflective self-knowledge and clarity, the more it can interact with other souls on the inner planes and, under some conditions, with the incarnate as well. As clarity and self-knowledge increase from life to life (and death to death), the soul can also start taking a more active role in its own learning processes, and can start to help shape its future lives. But the basic process remains the same as long as we continue to reincarnate.